Common use of Expansion Option Clause in Contracts

Expansion Option. So long as Silicon Energy is the Subtenant hereunder as of its exercise of the option granted herein, and subject to the conditions set forth below, Subtenant shall have one option to lease from Wind River (the "Expansion Option"), the remainder of the Master Premises (the "Expansion Space") on the same terms and conditions set forth in this Sublease for the sublease of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and 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 enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendment: (i) The commencement date for the Expansion Space shall 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 set forth herein.

Appears in 2 contracts

Sources: Net Office Tech Lease (Silicon Energy Corp), Net Office Tech Lease (Silicon Energy Corp)

Expansion Option. So long as Silicon Energy is the Subtenant hereunder as of its exercise Paragraph 42 of the option granted herein, and subject Lease shall be amended to the conditions set forth below, Subtenant reflect that Tenant shall have one the 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 remainder basement of the Master Premises Building (the "Expansion Basement Space") on ). Tenant must comply with the same terms and conditions set forth in this Sublease for the sublease provisions of Paragraph 42 of the Sublease PremisesLease 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 Subtenant notified Wind River in writing 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 to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any written approval of the termsproposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, covenants including labor and material, of constructing any demising wall or conditions other construction required in order to delineate Tenant's chosen portion of this Sublease at the time Subtenant Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Wind River Tenant and Landlord shall haveexecute 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 addition to full force and effect. The term of Tenant's Lease of all or any portion of Wind River's other rights and remedies provided the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in this Sublease, accordance with Paragraph 42 of the right to terminate Lease. If Tenant does not exercise the Expansion Option upon notice to Subtenanton or before October 1, 1994, it shall expire automatically. (a) In the event Subtenant exercises the Expansion Option in a timely fashion, Wind River and Subtenant shall enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendment: (i) The commencement date for the Expansion Space shall 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 set forth herein.

Appears in 2 contracts

Sources: Sublease Agreement (Landacorp Inc), Sublease Agreement (Landa Management Systems Corp)

Expansion Option. So long as Silicon Energy is Subject to the Subtenant hereunder as of its exercise 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 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 exercisable by written notice from Tenant to Landlord of Tenant’s election to exercise said option granted hereingiven 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 conditions 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, Subtenant 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 one 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 from Wind River (the "any applicable Expansion Option")Space, the remainder then effective as of the Master Premises 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 same 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 this Sublease for Article 25 above relative to the sublease of “Tenant’s Work” therein described (provided that there shall be no “Allowance” relative to such work except to the Sublease Premisesextent provided in Section 28(h) below, as applicable); and (5) except as provided Subtenant notified Wind River in writing of exercise Section 28(h) below, the Expansion Space shall be rented in its “as is” condition as of the Expansion Option prior Space Commencement Date. (f) If Tenant has validly exercised its option to December 31lease any Expansion Space, 2000. Notwithstanding anything then, within thirty (30) days after request by either party hereto, Landlord and Tenant shall enter into a written amendment to the contrary contained herein, if Subtenant is in default under any of this Lease confirming the terms, covenants 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 conditions 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 Sublease at Lease or the time Subtenant exercises 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 OptionSpace 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, Wind River 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, in addition to all of Wind River's other rights and remedies provided in this Sublease, have the right to terminate its earlier exercise of its expansion option under this Article 29, upon thirty (30) days’ prior written notice thereof given to Landlord at any time following such 90-day period and prior to delivery of possession of such space to Tenant (time being of the essence) and Landlord’s failure to deliver possession of such Expansion Option upon notice Space to SubtenantTenant within such 30-day period, whereupon this Lease shall remain in full force and effect 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). (ah) In Notwithstanding the event Subtenant exercises the Expansion Option in a timely fashionforegoing, Wind River and Subtenant shall enter into an amendment with respect to this Sublease to add 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 definition same provisions as applicable for the initial Demised Premises hereunder (i.e., with Fixed Rent per square foot of "Sublease 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). In additionFurther, with respect to both Expansion Space A and Expansion Space B, the following terms shall apply: (1) Tenant shall be included 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 amendment: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) The commencement date If Tenant, pursuant to Article 27 above or otherwise, has leased (with the term “leased”, for purposes of this subparagraph (i), meaning either that the demise of 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 first (1st) applicable expansion option under this Article 28, then such portion of Expansion Space 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 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 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 Delivery Date otherwise required for Expansion Option 2 under this Article 28 (as defined belowprovided that any remaining portion of Expansion Space B for such particular expansion option hereunder shall continue in full force and effect); (ii) Subtenant's Proportionate Share shall be increased to 100%. (iiij) the Base Rent applicable If Tenant exercises its termination rights under Article 31 hereof prior to the Expansion Space exercise of any expansion option under this Article 28, then Tenant shall no longer have any further expansion rights under this Article 28, and this Article 28 shall thereupon 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 set forth hereinnull and void.

Appears in 1 contract

Sources: Lease Agreement (SXC Health Solutions Corp.)

Expansion Option. So long as Silicon Energy is the Subtenant hereunder as of its exercise of 43.01. Landlord grants Tenant the option granted herein, and subject to the conditions set forth below, Subtenant shall have one option to lease from Wind River (the "Expansion Option"), the remainder ) to rent approximately 6,577 rentable square feet of the Master Premises additional space in the Building that is shown on Exhibit G hereto (the "Expansion Space") ). The Expansion Option may be exercised only by Tenant's written notice given to Landlord within 365 days after the date hereof, time being of the essence with respect to the giving of such notice, and only if Tenant 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 in accordance with this Section 43.01, then Landlord shall lease to Tenant the Expansion Space on the same terms and conditions set forth as those contained in this Sublease Lease and for a term commencing on the sublease first day of the Sublease Premises, provided Subtenant notified Wind River month immediately following the month in writing which Tenant gives written notice of its exercise of the Expansion Option prior and continuing coterminous with the Term of this Lease. Tenant's Proportionate Share under this Lease shall be adjusted to December 31, 2000. Notwithstanding anything to reflect the contrary contained herein, if Subtenant is in default under any inclusion of the terms, covenants or conditions Expansion Space. The demise of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and 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 enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendment: (i) The commencement date for the Expansion Space shall be accomplished by an amendment to this Lease to include the Expansion Space Delivery Date as part of the Premises (as defined below); (ii) Subtenantbut Tenant's Proportionate Share failure to execute and deliver such an amendment shall be increased to 100%. (iii) the Base Rent applicable not affect its obligations with respect to the Expansion Space Space). If Tenant exercises its Expansion Option Landlord shall be the same as the then applicable Base Rent have no obligation to pay for the Premises; and (iv) the term for or perform any work in the Expansion Space Space, to prepare such space for Tenant's occupancy. Tenant shall be have forever waived its right to exercise the same as Expansion Option if it fails for any reason whatsoever to give notice of exercise to Landlord within the Term set forth herein365-day period after the date hereof, whether such failure is inadvertent or intentional.

Appears in 1 contract

Sources: Lease (Applied Microbiology Inc)

Expansion Option. So long as Silicon Energy 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 Subtenant hereunder as expiration of its exercise any applicable notice or cure period, and (ii) the current use of the option granted hereinLeased Premises has not materially changed since the Commencement Date, commencing on the Commencement Date and subject to thereafter during the conditions set forth belowTerm, Subtenant Tenant shall have one the option to lease from Wind River expand the Premises (the "Expansion Option") to include the space on the 2nd and 3rd floor identified as “Future Expansion" on the layouts in Exhibit B-1 (the “Expansion Space”), upon and subject to the remainder following terms and conditions, and subject to the availability of such Expansion Space at the Master Premises time Tenant 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 date of 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 SpaceNotice") on at least two hundred seventy (270) days prior to the same terms date upon which Tenant desires to expand into the available net Expansion Space (the "Expansion Date"). The Expansion Date and conditions the net Expansion Space contemplated by Tenant must be specifically set forth in this Sublease for the sublease of Expansion Notice; and at the Sublease Premises, provided Subtenant notified Wind River in writing time Tenant provides its notice of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the its Expansion Option, Wind River the Expansion Space must be available for lease to Tenant. B. Landlord shall havehave 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 addition order for Tenant to all exercise its Expansion Option. C. At the time Tenant exercises its Expansion Option as to the designated Expansion Space, ▇▇▇▇▇▇'s First Right of Wind River's other rights Offer as to said designated Expansion Space shall terminate. D. All terms, covenants, conditions and remedies provided in provisions of this SubleaseLease 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 right to terminate the "Expansion Option upon notice to Subtenant. Term"): (a) In the event Subtenant exercises 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 in a timely fashionas to any Expansion Space, Wind River Tenant shall, promptly upon Landlord's request, and Subtenant shall 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 Sublease Lease with respect to add 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 definition form of "Sublease the Letter of Understanding executed in connection with the Premises". In addition, the following terms . F. This Expansion Option shall be included in such amendment: (i) The commencement date for the Expansion Space shall be the Expansion Space Delivery Date (as defined below); (ii) Subtenant's Proportionate Share shall be increased to 100%. (iii) the Base Rent applicable personal to the Expansion Space Tenant originally named herein and shall be the same as the then applicable Base Rent not extend to any assignee, except for the Premises; and (iv) the term for the Expansion Space shall be the same as the Term set forth hereina Tenant Affiliate or Tenant Successor.

Appears in 1 contract

Sources: Lease Agreement

Expansion Option. So long A. Landlord agrees that, with respect to any full floor of space currently leased to ▇▇▇▇ Elsevier, Inc. ("▇▇▇▇"), Tenant shall, provided Tenant is not then in default of this Lease beyond any applicable notice and cure periods and provided ▇▇▇▇ fails to renew or extend the term of its lease, have the option to lease such space provided Tenant notifies Landlord of its election to do so not later than December 24, 2000 (which is fifteen months and one week prior to the current Read lease expiration date of March 31, 2002) ("Tenant's Notice"). If Tenant shall notify Landlord in writing of its election to enter into such lease as Silicon Energy tenant for such additional premises within said period Landlord shall, on or before January 15, 2001, advise Tenant concerning ▇▇▇▇'▇ extension or failure to extend the term of its lease and, if ▇▇▇▇ fails to exercise its option, Landlord shall subsequently deliver and Tenant shall execute a modification of this Lease incorporating the rent, terms and conditions with respect to the additional premises. Time is of the Subtenant hereunder essence with respect to Tenant's exercise of such expansion option. The term of Tenant's leasing such premises shall be from the date ▇▇▇▇ vacates such space until June 15, 2012. The Fixed Rent during such (approximately) ten year and two month period shall be at the greater of 95% of Fair Market Value ("FMV"), as hereinafter defined, or as provided in paragraph 2 of the Fourth Lease Modification Agreement. The Base Year shall be as provided in paragraph 3 of the Fourth Lease Modification Agreement. FMV shall be determined by mutual agreement of the parties. If the parties are unable to agree on the FMV, the parties shall choose a licensed Real Estate Appraiser who shall determine the FMV. The cost of said Real Estate Appraiser shall be borne equally by the parties. If the parties are unable to agree on a licensed Real Estate Appraiser, each party shall select one Appraiser to appraise the FMV. If the difference between the two appraisals is 20% or less of the lower appraisal, then the FMV shall be the average of the two appraisals. If the difference between the two appraisals is greater than 20% of the lower appraisal, the two Appraisers shall select a third licensed Real Estate Appraiser to appraise the FMV. The FMV shall in such case be the average of the three appraisals. The cost of the third appraisal shall be borne equally by the parties. B. If Tenant shall fail to notify Landlord in writing of its election to enter into a modification to its lease incorporating the additional premises, within the period referred to in subsection (A) hereof, then the expansion option granted to the Tenant as set forth in subsection (A) of this Section shall automatically terminate and come to and end. C. This right of first refusal so granted to Tenant shall terminate and become null and void upon the expiration or sooner termination of this Lease. D. Notwithstanding anything contained herein or in the Lease to the contrary, in the event Tenant exercises its right to expand by forwarding the Tenant's Notice as provided in subsection (A) of this section, Tenant shall have waived, automatically and without any further documentation, its right as provided in paragraph 6 of the Fourth Lease Modification Agreement to cancel the Lease effective as of its exercise of the option granted hereinJune 15, and 2007. The foregoing shall not alter or modify Tenant's right to cancel on June 15, 2012, subject to the conditions set forth below, Subtenant shall have one option to lease from Wind River (the "Expansion Option"), the remainder terms of such paragraph 6 of the Master Premises (the "Expansion Space") on the same terms and conditions set forth in this Sublease for the sublease of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and remedies provided in this Sublease, the right to terminate the Expansion Option upon notice to SubtenantFourth Lease Modification Agreement. (a) In the event Subtenant exercises the Expansion Option in a timely fashion, Wind River and Subtenant shall enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendment: (i) The commencement date for the Expansion Space shall 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 set forth herein.

Appears in 1 contract

Sources: Lease Modification Agreement (Alliance Capital Management Lp)

Expansion Option. So long as Silicon Energy Provided Tenant is not in default at the Subtenant hereunder as time of its exercise or at the time of commencement of the expansion option granted hereinreferred to hereinbelow, and subject to the conditions set forth below, Subtenant Tenant shall have one the option to lease from Wind River the entire premises known as Building B, PGA Professional Center (the "Expansion OptionPremises")) as more particularly described in the Amended and Restated Business Lease dated July 1, the remainder of the Master Premises 1996, between Landlord and Catalfumo Construction, Ltd. (the "Expansion SpaceCatalfumo Lease") on ). To exercise the same terms and conditions set forth in this Sublease for option, Tenant must give Landlord written notice of its intention to exercise the sublease of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise of the Expansion Option prior to December 31option no later than October 30, 2000. Notwithstanding anything If Tenant elects to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises lease the Expansion OptionPremises, Wind River then after such exercise and in any event prior to April 20, 2001, Landlord and Tenant shall have, negotiate in addition to all of Wind River's other rights good faith and 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 enter into an amendment to this Sublease to add the Lease which shall incorporate the Expansion Space to the definition of "Sublease Premises". In addition, the following terms Premises therein and which shall be included in such amendment: provide that (i) The commencement date 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 Expansion Space Delivery Date parties) and shall expire on the same day as the lease expiration date stipulated in the Lease (as defined belowthe same may be extended by any renewal options exercised in accordance with Paragraph 40 of the Lease); (ii) Subtenant's Proportionate Share shall be increased to 100%. , (iii) the Base Rent 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 applicable to the Expansion Space Premises, except that adjustments reflecting the increased total square footage demised under the Lease shall be made to the same as Tenant's Proportionate Share of Excess Operating Expenses, the then applicable Base Rent number of additional parking spaces available for the Premises; and (iv) the term for exclusive use of Tenant with respect to the Expansion Space Premises shall be not less than ______ spaces, and the same as the Term set forth hereinamount of any rent reduction then in effect for janitorial or other responsibilities of Landlord assumed by Tenant in accordance with Paragraphs 5A or 5C hereinabove.

Appears in 1 contract

Sources: Office Lease (Wackenhut Corp)

Expansion Option. So long as Silicon Energy is All expansion options granted to Lessee under the Subtenant hereunder as Lease, including, without limitation, any and all expansion options, rights of its exercise first refusal or rights of first offer, are hereby deleted in their entirety and the option following, along with Lessee's rights granted herein, under Section 9 and subject to the conditions set forth Section 10 below, Subtenant shall have are substituted in their place and stead: (a) Lessor hereby grants to Lessee one (1) option to lease from Wind River expand the Premises (the "Expansion Option"), the remainder of the Master Premises ) by between 17,500 rentable square feet and 19,250 rentable square feet (the "Expansion SpacePremises"), 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 terms of 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") on the same 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 with respect to the 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, (ii) exercise the Expansion Option and accept the terms set forth in this Sublease for the sublease of the Sublease PremisesLessor's Notice (or as otherwise agreed during negotiations as provided above), provided Subtenant notified Wind River in writing of or (iii) exercise of the Expansion Option prior but submit the determination of Fair Market Base Rental and/or Fair Market Base Rental Escalation Rate for the Expansion Premises to December 31arbitration as provided in Section 13 below. Lessee's election shall be irrevocable once made. If Lessee fails to timely exercise the Expansion Option, 2000. Notwithstanding anything Lessee's rights hereunder with respect to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant Expansion Option shall terminate and Lessor shall have no further obligation hereunder with respect thereto. (d) If Lessee timely exercises the Expansion Option, Wind River then Lessor shall havedeliver possession of the Expansion Premises to Lessee on or before the commencement date stated in Lessor's Notice, provided, however, that in addition 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 Wind River's other rights and remedies provided in this Subleasethe date of such delivery to Lessee (the "Expansion Premises Commencement Date"), 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 enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms Premises shall be included in such amendmentthe Premises and shall be subject to all of the terms, conditions and provisions of the Lease, as amended, except as follows: (i) The commencement date for rentable area of the Premises shall be increased by the rentable square feet of the Expansion Space shall be the Expansion Space Delivery Date (as defined below); (ii) SubtenantPremises and Lessee's Proportionate Share shall be increased to 100%.accordingly; (ii) Base Rent for the Expansion Premises shall be as set forth in Lessor's Notice or as otherwise determined hereunder; and (iii) the Base Rent applicable to Lessee shall take possession of the Expansion Space shall be the same Premises in an "as the then applicable Base Rent for the Premises; andis" condition. (ive) 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 Space 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 lease by Lessor to Lessee of the Expansion Premises on the terms provided above, which amendment shall be executed and delivered promptly after Lessee and Lessor agree on the same 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 expiration or termination of the Lease, as amended, (ii) the Term set forth hereintermination 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) and shall not 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 the 8th through 14th floors of the Building.

Appears in 1 contract

Sources: Lease (Playboy Enterprises Inc)

Expansion Option. So long as Silicon Energy is Tenant shall have the Subtenant hereunder as of its exercise right to expand into the balance of the option granted herein, and subject to the conditions set forth below, Subtenant shall have one option to lease from Wind River (the "Expansion Option"), the remainder of the Master Premises Building (the "Expansion Space") on by providing notice (the same terms and conditions set forth in this Sublease for the sublease "Expansion Notice") to Landlord of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise of the Expansion Option its election to do so at any time prior to December 31September 1, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and remedies provided in this Sublease, the right to terminate the Expansion Option upon notice to Subtenant1998. (a) In the event Subtenant exercises Following receipt of the Expansion Option Notice, Landlord and Tenant shall have thirty (30) days in a timely fashion, Wind River and Subtenant shall enter into which to negotiate an amendment to this Sublease Lease to add incorporate the Expansion Space to into the definition of "Sublease Premises". In addition, the following terms shall be included in such amendment: (i) The commencement date for the Expansion Space shall 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 set a new Base Rent for the Expansion Space, and set a new Term. The amendment shall also include the following provisions: (1) Landlord shall provide a roll-up door for the purpose of loading and unloading trucks or delivery vehicles at a convenient location in the Expansion Space; (2) The early termination right of Tenant set forth in paragraph 4 above shall be deemed waived; (3) Tenant shall provide for its own power (gas and electricity) for the entire Premises; in consideration, the Base Rent on the existing Premises shall be reduced fifteen cents (15c) per rentable square foot per month; the Base Rent negotiated on the Expansion Space will already reflect that Tenant is providing and paying for this utility; and (iv4) Landlord shall have until February 1, 1999 to deliver occupancy of the term for Expansion Space, but Tenant may occupy sooner if Landlord notifies Tenant that the Expansion Space will be ready before that time. (b) If the Expansion Notice is not timely given, then Tenant shall vacate, upon fifteen (15) days notice from Landlord, the lobby and corridor space (the "Reception Area") which is shown as shaded area on Exhibit B-2. Until such notice is given by Landlord, Tenant has the exclusive right to occupy the Reception Area without any additional charge for Base Rent. Following the notice by Landlord and vacation by Tenant, the Reception Area and adjacent restrooms shall become Common Area for the Building and its other tenants. The cost of changing the Reception Area into Common Area shall be included as part of the same as Tenant Improvement Allowance or, if the Term set forth hereinTenant Improvement Allowance is insufficient, shall be paid for by Tenant, in cash, upon completion.

Appears in 1 contract

Sources: Full Service Lease (Cerent Corp)

Expansion Option. So long as Silicon Energy is SECTION 29.1. Subject to Section 29.4, in the Subtenant hereunder as of its exercise of event that Rentable Area (other than the option granted herein, and subject to Premises) anywhere in the conditions set forth below, Subtenant shall have one option to lease from Wind River (the "Expansion Option"), the remainder of the Master Premises Building excluding retail space (the "Expansion Space") from time to time becomes available during the period commencing on the same date hereof until the end of the Term, and provided this Lease is in full force and effect, Tenant shall have the option (the "Expansion Option") to lease such Expansion Space on the terms and conditions hereinafter set forth forth. Landlord shall send notice in this Sublease writing (the "Expansion Notice") to Tenant specifying the location and configuration of such Expansion Space and the 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 sublease time at which the space which is the subject of such Expansion Notice is scheduled to become available for occupancy. Each Expansion Option shall be exercisable by Tenant giving written notice to Landlord of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise of the particular Expansion Option prior to December 31, 2000within thirty (30) days after Landlord sends the applicable Expansion Notice. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights Landlord and 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 Tenant shall enter into an amendment to modifying this Sublease Lease to add the Expansion Space to the definition Premises, adding the Expansion Base Rent for the Expansion Space, within ten (10) days of "Sublease Premises". In additionthe date Tenant exercises its Expansion Option in accordance with the terms hereof, the following terms which shall be included in such amendmentco-terminous with the remaining Term of the Lease. Tenant shall lease the Expansion Space on the same terms and conditions as the Premises except that: (ia) The commencement date annual Base Rent for the Expansion Space shall be equal the product of (i) the Rentable Area of the Expansion Space Delivery and (ii) an amount equal to Twenty-two and 50/100 Dollars ($22.50), as escalated in accordance with Section 4.2 of the Lease ("Expansion Space Base Rent") as of the Expansion Commencement Date (as defined belowhereafter defined); . For example, if, on the first day of the third (ii3rd) Subtenant's Proportionate Share shall be increased Lease Year, Tenant expands the Premises to 100%. include certain Rentable Area on the fourth (iii4th) floor of the Building, the Base Rent applicable to the per square foot of Rentable Area in such Expansion Space shall be the same as the then applicable Twenty-three and 41/100 Dollars ($23.41). The Expansion Space Base Rent for shall escalate thereafter during the Premisesremainder of the Term in accordance with the terms of Section 4.2 of the Lease; and (ivb) upon the later of the Court Approval Date or the Expansion Commencement Date (as hereafter defined), Landlord shall pay to Tenant an amount ("Expansion Allowance") which shall equal an amount determined by MULTIPLYING (1) the term for 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 Space shall be Commencement Date and the same as Expiration Date (without regard to any renewal option being exercised) and the Term set forth herein.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 the Effective Date, 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

Appears in 1 contract

Sources: Lease Agreement (Federal Data Corp /Fa/)

Expansion Option. So long as Silicon Energy is (a) Subject to the Subtenant hereunder as expansion rights of Ask Jeeves, Inc., Tenant may lease additional space on the fourth floor of the Project ("4th Floor Expansion Option Space") under the following terms and conditions. Landlord shall provide Tenant with notice if Ask Jeeves, Inc. does not exercise its expansion option(s) ("Expansion Notice"). Tenant shall have a period of fifteen (15) days after receipt of the Expansion Notice to notify Landlord of its exercise of the option granted herein, and subject to the conditions set forth below, Subtenant shall have one option election to lease from Wind River the 4th Floor Expansion Option Space (the "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 remainder of tenant improvements will be constructed in such expansion space in accordance with the Master Premises (construction procedures established by and the "Expansion Space") on the same terms and conditions set forth of the Work Letter. (c) Landlord shall prepare an amendment to this Lease to reflect changes in the Premises, Monthly Base Rent, Tenant's Share, the number of parking spaces allocated to Tenant, the Security Deposit and other appropriate terms. A copy of the 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 Sublease for the 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 Sublease PremisesPremises except to an Affiliate of Tenant. Further, provided Subtenant notified Wind River in writing 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 contrary contained, herein, the Expansion Option shall terminate at Landlord's option and upon notice to Tenant, and shall be of no further force and effect, whether or not Tenant has timely exercised such option if a material, monetary Default exists at the time of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises of its commencement, provided that Landlord previously has given Tenant notice and an opportunity to cure such Default as required by the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and remedies provided in this Sublease, the right to terminate the Expansion Option upon notice to SubtenantLease. (a) In the event Subtenant exercises the Expansion Option in a timely fashion, Wind River and Subtenant shall enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendment: (i) The commencement date for the Expansion Space shall 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 set forth herein.

Appears in 1 contract

Sources: Office Lease (Northpoint Communications Group Inc)

Expansion Option. So If, at any time prior to the first anniversary of the 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 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 Silicon Energy Tenant is not in default under this lease beyond any applicable notice and/or grace period, Tenant shall have the Subtenant hereunder as one-time option (with respect to such space) to add all but not part of its exercise of such space to the option granted hereindemised premises, and subject to the conditions set forth below, Subtenant shall have one option to lease from Wind River (the "Expansion Option"), the remainder of the Master Premises (the "Expansion Space") on the same following terms and conditions set forth in this Sublease for the sublease of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and 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 enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendmentconditions: (i) The commencement date for Tenant shall give Landlord written notice of its election so to add all but not part of an Option Space to the Expansion Space demised premises, which notice shall be given no later than thirty (30) days after the Expansion Space Delivery Date (as defined below);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) Subtenant's Proportionate Share 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 increased deemed to 100%. have been substantially completed in an Option Space despite the fact that minor insubstantial details of construction and mechanical adjustments (iiii.e., “punch list items”) remain to be completed, provided the Base Rent applicable 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 Option Space (or in locations outside of the 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 OS Commencement Date (and Tenant shall provide Landlord and its contractors with such access to the Expansion 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 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 Article 41 of this lease. Tenant by entering into occupancy of an Option Space shall be conclusively deemed to have agreed that Landlord up to the time of such occupancy had substantially completed Landlord’s OS Work, unless within twenty (20) days after such date Tenant shall give written notice (hereinafter called the “OS Punch List Notice”) to Landlord specifying the respects in which the same as were not in satisfactory condition, in which event the then applicable Base Rent for the Premises; and (iv) the term for the Expansion Option Space shall be conclusively deemed to be in satisfactory condition except for the same as the Term items set forth hereinin the OS Punch List Notice. The giving of the OS Punch List Notice shall have no effect whatsoever upon the OS Commencement Date.

Appears in 1 contract

Sources: Lease Agreement (Coty Inc /)

Expansion Option. So long as Silicon Energy is Provided that (i) this Lease shall be 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 Subtenant hereunder as of its exercise right to expand the Premises to Include Suite 232 located on a portion of the option granted herein, and subject to second (2nd) floor or the conditions set forth below, Subtenant shall have one option to lease from Wind River Building (the "Expansion Option")“Suite 232’’) once Suite 232 becomes, or Landlord reasonably anticipates that Suite 232 will become Available. For the purposes of this Article 49, “Available” means, as to Suite 232, the remainder 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 Master current tenant thereof or any subtenant (not including Tenant) 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 Space"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 expansion option set forth in this Article 49 shall 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 expansion option contained in this Article 49. If Tenant timely deliver the Expansion Notice to Landlord in accordance with the conditions hereof, then, on the same ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇ shall become part of the Premises, upon all of the terms and conditions set forth in this Sublease Lease, for the sublease remainder of the Sublease PremisesTerm, provided Subtenant notified Wind River in writing of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and remedies provided in this Sublease, the right to terminate the Expansion Option upon notice to Subtenant. except: (aA) In the event Subtenant exercises the Expansion Option in a timely fashion, Wind River and Subtenant shall enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendment: (i) The commencement date for the Expansion Space shall be the Expansion Space Delivery Date (as defined below); (ii) Subtenant's Tenant’s Proportionate Share shall be increased to 100%. (iii) reflect the Base Rent applicable to the Expansion Space shall be the same inclusion of Suite 232 as the then applicable Base Rent for part of the Premises; and (ivB) Tenant shall not be entitled to any rent abatement or free rent; and (C) the term base Rent for Suite 232 shall be equal to the then escalated rent per square foot which Tenant is then paying for the Expansion Space Premises under the Lease (prior to the inclusion of Suite 232); and (D) Landlord shall be have no obligation to pay Tenant any work allowance, deliver any materials or perform any alteration or work with respect to Suite 232 whatsoever, and Tenant shall accept Suite 232 otherwise in its current then “AS-IS” condition as of the same as the Term set forth hereinSuite 232 Commencement Date.

Appears in 1 contract

Sources: Lease Agreement (Constant Contact, Inc.)

Expansion Option. So long as Silicon Energy is the Subtenant hereunder as of its exercise of the Federal shall also have an on-going option granted hereinthrough July 31, and subject to the conditions set forth below, Subtenant shall have one option to lease from Wind River 1999 (the "Federal Expansion Option"), the remainder to lease all or any portion of the Master Premises 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 be, in accordance with 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"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 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 set forth as specified in the first paragraph of Section 1 of this Sublease for Agreement; provided, however, the sublease 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 apply during any extension of the Sublease PremisesFederal Lease pursuant to Section 2.2 of the Federal Lease but, provided Subtenant notified Wind River in writing of exercise if the Federal Expansion Option has been exercised so that the Federal Lease includes portions of the Expansion Option Space prior to December July 31, 2000. Notwithstanding anything to 1999, and the contrary contained herein, if Subtenant is in default under any term of the termsLease has been extended pursuant to Section 2.2 of the Federal Lease, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River then such extension shall have, in addition apply to all of Wind River's other rights and remedies provided in this Subleasethe space then leased under the Federal Lease including, the right to terminate the Expansion Option upon notice to Subtenant. (a) In the event Subtenant exercises the Expansion Option in a timely fashionbut not limited to, Wind River and Subtenant shall enter into an amendment to this Sublease to add the Expansion Space space leased pursuant to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendment: (i) The commencement date for the Federal Expansion Space shall be the Expansion Space Delivery Date (as defined below); (ii) Subtenant's Proportionate Share shall be increased to 100%Option. (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 set forth herein.

Appears in 1 contract

Sources: Sublease Agreement (Interactive Flight Technologies Inc)

Expansion Option. So long as Silicon Energy is the Subtenant hereunder Provided that as of the 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 Tenant or to a third party pursuant to Section 1.1.3 below, Tenant will have the 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 “Option Space Commencement Date”), to include a total of approximately 22,337 square feet of space on the 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 “Option Space”). If Tenant 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 completion by Landlord of 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 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 based upon the total floor area of the Premises including the Option Space. If Tenant desires to exercise its option to lease the 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 Option Space showing the requested improvements to the Option Space (provided, however, as set forth above, the cost to Landlord of such improvements shall not exceed $20 per rentable square foot of the Premises). Time is of the essence with respect to the giving of the Option Space Notice. 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 option granted hereinwithin option, Landlord and subject to the conditions set forth below, Subtenant shall have one option to lease from Wind River (the "Expansion Option"), the remainder of the Master Premises (the "Expansion Space") on the same terms and conditions set forth in this Sublease for the sublease of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and 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 Tenant shall enter into an amendment to this Sublease to add Lease which adds the Expansion Option Space to the definition Premises and includes all the terms and provisions, set forth herein, with respect to Tenant’s leasing of "Sublease Premises". In 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 following terms preliminary space plan, such disapproval shall be included 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 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, 2011; provided, however, if the Option Space Notice is given before March 1, 2011, upon Tenant’s request, Landlord shall use 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 amendment: (i) The commencement case, Tenant shall not be obligated to pay rent with respect to the Option Space until the date for that Landlord delivers possession of the Expansion 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 Expansion Space Delivery Date (as defined below); (ii) Subtenant's Proportionate Share shall be increased to 100%. (iii) date that the Base Rent applicable improvements to the Expansion Option Space shall be would have been substantially complete in 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 set forth hereinabsence of such Tenant Delay.

Appears in 1 contract

Sources: Lease Agreement (Acme Packet Inc)

Expansion Option. So long 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 Reservation Period, time being of the essence, Tenant will have the option to lease all or a portion of the space consisting of approximately 45,968 rentable square feet on the 4th floor of 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 Silicon Energy is set forth in this Lease with respect to the Subtenant Premises originally leased hereunder (with the Term pro-rated to reflect the amount of the remaining Term, excluding any Renewal Term from such proration). If Tenant elects to lease the 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 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 has not provided an Election Notice or (ii) Tenant has provided an Election Notice for a portion of the Reservation Space, then in either event, provided that no event of Default has occurred and is continuing, commencing on the date following the expiration of the Reservation Period, Tenant is granted a right of first offer (“Right of First Offer”) to lease such portion(s) of Reservation Space (“Offer Space”), if and as same becomes available for lease, subject to the following terms and conditions: 35.3. At the time Tenant exercises the Right of First Offer: (A) this Lease 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. 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 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 a portion of the Offer Space 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 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, 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 Section 35.10 of this Lease; and (D) The increase in Tenant’s Share. 35.6. If Tenant timely delivers to Landlord, in accordance with the conditions of this Article 35, written notice of Tenant’s exercise of the option granted hereinRight 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 conditions set forth below, Subtenant shall have one option to lease from Wind River (the "Expansion Option"), the remainder of the Master Premises (the "Expansion Space") on the same terms and conditions in this Lease, with the exceptions of those Lease modifications set forth in Section 35.8 of this Sublease for Lease and the sublease 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 Sublease Premises, provided Subtenant notified Wind River in writing of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and remedies provided in this SubleaseArticle 35, Landlord will thereafter be free to lease the right Available Offer Space in portions or in its entirety to terminate any third-party tenant at any time without regard to the Expansion Option upon notice to Subtenantrestrictions in this Article 35 and on whatever terms and conditions Landlord may decide in its sole discretion. (a) In 35.8. If Tenant leases the event Subtenant exercises the Expansion Option in a timely fashion, Wind River and Subtenant shall enter into an amendment to this Sublease to add the Expansion Available Offer Space pursuant to the definition terms of "Sublease Premises". In additionthis Article 35, all the following terms shall be included in such amendmentobligations, terms, and conditions under this Lease will also apply to the Available Offer Space except that: (iA) The the commencement date for the Expansion lease for the Available Offer Space shall (“Commencement Date for the Available Offer Space”) will be the Expansion day the Available Offer Space Delivery Date (is delivered to Tenant broom clean, free of tenants or other occupants, and in its then “as defined below)is” condition; (iiB) Subtenant's Proportionate 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 shall 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 100%. an amount by multiplying the rentable square footage dollar amount (iiidetermined in accordance with Section 35.5(C) of this Lease) for such Available Offer Space by the Base Rent applicable number of rentable square feet deemed by Landlord to be contained in the Expansion Available Offer Space shall be the same as the then applicable Base Rent for the Premisestaken by Tenant; and (ivE) Article 20 of this Lease will not apply to the 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 term Commencement Date for the Expansion Available Offer Space; (B) the location and size of the Available Offer Space shall 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 same 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 the Term set forth hereinin 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 with 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, or by any public officer, custodian, receiver, United States Trustee, trustee or liquidator of Tenant or substantially all of Tenant’s property.

Appears in 1 contract

Sources: Lease Agreement (Acacia Communications, Inc.)

Expansion Option. So long as Silicon Energy is During the Subtenant hereunder as of its exercise term of the option granted hereinLease, and subject to the conditions set forth below, Subtenant Tenant shall have one the option to lease from Wind River space contiguous to the Premises (the "Expansion OptionOption Space"), in the remainder "As Is" condition, as it becomes available during the term of the Master Premises (Lease, at the "Expansion Space") on the same terms and conditions set forth in this Sublease market base rent for the sublease Building, as established by Landlord from time to time, in effect at the time of Landlord's notice. Landlord shall provide Tenant written notice of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise availability of the Expansion Option prior Space, and Tenant shall have fifteen (15) days from receipt of Landlord's availability notice within which to December 31forward written notice to Landlord of Tenant's irrevocable intent to lease that part of the Option Space described in Landlord's availability notice, 2000with a term commencing no later than sixty (60) days following the date the Option Space actually becomes available, and expiring coterminous with the term of the Lease. Notwithstanding anything In the event that Tenant fails to the contrary contained exercise its option rights described herein, if Subtenant Tenant's option rights shall be null and void. Tenant and Landlord agree that the expiration and renewal of an existing tenant's lease shall not trigger Tenant's rights under this section, and a condition of Tenant's option right shall be that Tenant is not in default under any Section 11 of the terms, covenants or conditions Lease and that the Lease is in full force and effect. Landlord and Tenant agree and acknowledge that Tenant has received notice of this Sublease at the time Subtenant exercises availability of the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and 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 enter into an amendment to this Sublease to add the 4,865 square foot First Expansion Space to and the definition of 2,993 square foot and 4,618 square foot former CSM Corporation space depicted on REVISED EXHIBIT B."Sublease Premises". In addition, the following terms shall be included in such amendment: (i) The commencement date for the Expansion Space shall 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 set forth herein.

Appears in 1 contract

Sources: Lease (Synovis Life Technologies Inc)

Expansion Option. So long as Silicon Energy is the Subtenant hereunder as of its exercise of Tenant shall have the option granted herein, and subject to the conditions set forth below, Subtenant shall have one option to lease from Wind River (the "Expansion Option"), ) to lease Suite No. 500 on the remainder 5th floor of the Master Premises Building containing approximately 19,059 rentable square feet of rentable area shown on Exhibit D to this Lease (the "Expansion Space") on if: (a) Landlord receives written notice (the same terms and conditions set forth in this Sublease for the sublease "Expansion Notice") from Tenant of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise of the its Expansion Option prior to December 31on or before April 30, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant 2020; (b) Tenant is not in monetary default under the Lease beyond any of the terms, covenants or conditions of this Sublease applicable cure periods at the time Subtenant exercises that Landlord receives the Expansion Option, Wind River shall have, Notice; (c) no part of the Premises is sublet (except in addition connection with an assignment of this Lease to all a Tenant Affiliate as described in Section 9.1(f) of Wind River's other rights and remedies provided in this Sublease, the right to terminate Lease) at the time Landlord receives the Expansion Option upon notice Notice; and (d) the Lease has not been assigned (except to Subtenant. (aa Tenant Affiliate as described in Section 9.1(f) In of the event Subtenant exercises Lease) prior to the date that Landlord receives the Expansion Option in a timely fashion, Wind River and Subtenant shall enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises"Notice. In addition, the following terms shall be included in such amendment: (i) The commencement date for the Expansion Space shall be the Expansion Space Delivery Date (as defined below); (ii) Subtenant's Proportionate Share shall be increased to 100%. (iii) the Base initial annual Basic Rent applicable to the Expansion Space shall be the same as the then applicable Base Rent for the Premises; and (iv) the term rate per rentable square foot for the Expansion Space shall be the same as the Term 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 herein.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 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 terms and conditions set forth above, except that the Expansion Notice shall be due within 30 days after the date of 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 or the date Tenant commences business activities in the Expansion Space. If Tenant does not provide Landlord with an Expansion Notice within such 30 day period or if Tenant is not entitled to exercise its Expansion Option due to a violation of one of the conditions set forth above, Tenant's Expansion Option shall be deemed to be null and void and Tenant shall have no further rights to lease the Expansion Space hereunder. Landlord warrants that existing tenant does not have a renewal right in its existing lease. 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 Basic Rent, Floor Area of Premises, Tenant's proportionate share and other appropriate terms. A copy of the Expansion Amendment shall be sent to Tenant within a reasonable time after Landlord’s IOPLEGAL-4-44 5/11/18 - Lease 231700, Amendment 247645 - 4.1 4

Appears in 1 contract

Sources: Lease Agreement (BofI Holding, Inc.)

Expansion Option. So long as Silicon Energy Provided that this Lease is the Subtenant hereunder as in full force and effect and Tenant is not in default of its exercise monetary obligations hereunder and is not in default of its non-monetary obligations hereunder beyond any applicable cure period, Tenant shall have the right, during the first ninety (90) days of the option granted hereinTerm of this Lease, and subject to the conditions set forth below, Subtenant shall have one option to lease from Wind River (the "Expansion Option"), the remainder and occupy all or any portion of the Master Premises 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") on the same terms and conditions set forth in this Sublease ). The lease term for the sublease of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and 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 enter into an amendment to this Sublease to add the Expansion Space to shall expire coterminous with this Lease. Tenant may exercise this right only by giving Landlord written notice at any time during the definition first ninety (90) days of "Sublease Premises"the Term of the Lease. In addition, the following terms shall be included in such amendment: (i) The commencement date Annual Base Rent for the Expansion Space shall be charged at the Expansion Space Delivery Date (as defined below); (ii) Subtenantrate per rentable square foot then in effect for the Premises, which rate shall increase pursuant to the terms of Section 1.11 of the Lease. In addition, Tenant's Proportionate Share shall be increased adjusted to 100%. reflect the Expansion 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 (iii) constituting the Base Rent applicable "Expansion Tenant Improvement Allowance"). The improvements to be constructed in the Expansion Space shall be designed and constructed in accordance with the same as applicable procedures set forth in Exhibit C and Rent shall commence on a date determined by Landlord and Tenant, which date shall not be more than ninety (90) days after Landlord's receipt of written notice of Tenant's exercise of the then applicable Base Rent for the Premises; and (iv) the term option for the Expansion Space Space. Any costs incurred by Tenant in excess of the foregoing Expansion Tenant Improvement Allowance shall be the same as the Term set forth hereinsole responsibility of Tenant.

Appears in 1 contract

Sources: Standard Office Lease (Ebs Building LLC)

Expansion Option. So long as Silicon Energy is 40.1 Provided that this Lease has been fully executed by the Subtenant hereunder as of its exercise of parties hereto and Tenant has delivered to Landlord all prepaid rental required hereunder, Tenant shall have the option granted herein, and subject to (the conditions set forth below, Subtenant shall have one option “Expansion Option”) to lease from Wind River (the "Expansion Option"), all or a portion of the remainder of the Master Premises space located on the 19th floor of the Building containing approximately 9,000 square feet of rentable area as shown on Exhibit F to this 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, 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 (a) 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 Expansion Option as to any Additional Expansion Space applies to the space located on the 17th floor of the Building or to the space located on the 20th floor of the Building. Notwithstanding the foregoing, Tenant shall have no Expansion Option with respect to any of the Additional Expansion Space if Tenant fails to exercise the Expansion Option 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 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 Sublease Lease, including the same Base Year that is applicable to the initial Premises, and ▇▇▇▇▇▇'s Proportionate Share shall increase appropriately to account for the sublease of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise addition of the Expansion Option prior 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 December 31, 2000. Notwithstanding anything an Improvement Allowance with respect to the contrary contained hereinExpansion Space, if Subtenant is as described in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and remedies provided in this Sublease, the right to terminate the Expansion Option upon notice to SubtenantSection 40.8 below. (a) In 40.6 The term for the event Subtenant exercises subject Expansion Space shall commence on the Expansion Option in a timely fashion, Wind River and Subtenant shall enter into an amendment to this Sublease to add date Landlord delivers possession of the Expansion Space to Tenant, and shall end, unless sooner terminated pursuant to the definition terms of "Sublease Premises". In additionthis Lease, on the following terms shall be included in such amendment: (i) The commencement date 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 Delivery Date (as defined below); (ii) Subtenant's Proportionate Share shall be increased to 100%. (iii) the Base Rent applicable due to the Expansion Space holdover or unlawful possession of such space by any party, Landlord shall be use reasonable efforts to obtain possession of the same as space, and the then applicable Base Rent for the Premises; and (iv) commencement of the term for the Expansion Space shall be postponed until the same 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 set forth hereinon 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 Premises, ▇▇▇▇▇▇'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 the parties agree to negotiate any other appropriate terms of the Expansion Amendment in good faith and in a commercially reasonable manner. An otherwise valid exercise of the Expansion Option shall be fully effective whether or not the Expansion Amendment is executed.

Appears in 1 contract

Sources: Lease Agreement

Expansion Option. So During the period between the date of this Lease and April 30, 2018 (the “Expansion Period”), Tenant will have the exclusive right to expand the Premises to include all or any portion of the remaining space located on the 7th floor of the Building (the “7th Floor Available Expansion Space”) on the terms set forth in this Section. If Tenant desires to exercise such expansion option, Tenant must do so by delivering written notice to Landlord (the “Expansion Notice”), which Expansion Notice must identify the location and rentable square footage of the 7th Floor Available Expansion Space or applicable part thereof (the “7th Floor Actual Expansion Space”) and the date such expansion will be effective (the “Expansion Commencement Date”), and the Rent Commencement Date for the 7th Floor Actual Expansion Space shall not be later than May 1, 2018. If Tenant exercises its expansion option with respect to only a portion of the 7th Floor Expansion Space, then the location, dimensions and layout of such space will be subject to Landlord’s prior approval, which approval will not be withheld so long as Silicon Energy is the Subtenant hereunder as of its exercise location and dimensions of the option granted herein, and subject to the conditions set forth below, Subtenant shall have one option to lease from Wind River (the "7th Floor Actual Expansion Option"), Space do not make the remainder of the Master Premises (the "Expansion Space") on the same terms and conditions set forth in this Sublease for the sublease 7th Floor of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise of Building unmarketable or unusable. Tenant’s failure to deliver an Expansion Notice during the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant Period is in default under any deemed a waiver of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and remedies provided in this Sublease, the right to terminate the Expansion Option upon notice to SubtenantTenant’s expansion option. (a) In the event Subtenant exercises the Expansion Option in a timely fashion, Wind River and Subtenant shall enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendment: (i) The commencement date for the Expansion Space shall 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 set forth herein.

Appears in 1 contract

Sources: Office Lease Agreement (Cray Inc)

Expansion Option. So long Tenant shall have the right on the fifth (5th) anniversary of the Rental Commencement Date to lease up to an additional Three Thousand Two Hundred Eighty (3,280) square feet, on the first floor of 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 Silicon Energy is set forth in Paragraph 1.B. or if Landlord increases the Subtenant 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 "Additional Space"). Tenant shall only be entitled to lease the Additional Space in increments to be determined by the size of the 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, the improvement allowance matter will be resolved via arbitration pursuant to the procedure set forth in Exhibit "K". Tenant shall provide Landlord with nine (9) months prior written notice of its exercise of election to expand into the Additional Space in accordance with the option granted hereinin this Paragraph 38, failing which, the option shall be deemed waived and subject of no further force and effect. Upon delivery of possession of the Additional Space to Tenant, Tenant shall have ninety (90) days to construct its leasehold improvements to the conditions set forth below, Subtenant shall have one option Additional Space with Rent to lease from Wind River (commence for the "Expansion Option"), Additional Space on the remainder earlier of occupancy for the purpose of conducting its business of the Master Premises Additional Space by Tenant or ninety (90) days from the "Expansion Space") on the same terms and conditions set forth in this Sublease for the sublease delivery of possession of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and 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 enter into an amendment to this Sublease to add the Expansion Additional Space to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendment: (i) The commencement date Tenant for the Expansion Space shall be the Expansion Space Delivery Date (as defined below); (ii) Subtenant's Proportionate Share shall be increased to 100%its leasehold improvements. (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 set forth herein.

Appears in 1 contract

Sources: Lease Agreement (Wackenhut Corp)

Expansion Option. So long as Silicon Energy is Section 39.1 Provided that this Lease shall then be in full force and effect without default on the Subtenant hereunder as of its exercise part of the Tenant hereunder, after notice and expiration of the applicable cure periods, if any, then Tenant named herein shall have the option granted herein, and subject (hereinafter referred to as the "Option Right") with respect to the conditions set forth below, Subtenant shall have one option to lease from Wind River (the "Expansion Option"), the remainder leasing of the Master Premises entire rentable portion of the 19th floor in the Building (hereinafter referred to as the "Expansion Space") on the same terms ). The Option Right shall be exercisable in accordance with and conditions set forth in this Sublease for the sublease of the Sublease Premisesshall be subject to and governed by, provided Subtenant notified Wind River in writing of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or and conditions contained in the balance of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and remedies provided in this Sublease, the right to terminate the Expansion Option upon notice to SubtenantArticle 39. Section 39.2 If Tenant shall desire to exercise the Option Right, Tenant shall send Landlord written notice thereof (ahereinafter referred to as the "Acceptance Notice") In on or before December 15, 1997 (time being of the event Subtenant exercises essence with respect to the Expansion Option delivery of said notice).* If Tenant shall timely send an Acceptance Notice to Landlord in a timely fashionthe form and manner referred to above, Wind River and Subtenant shall enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms shall be included deemed a part of the Premises and Tenant shall lease same upon all of the same terms, covenants and conditions contained in such amendmentthis Lease, except that: (i) The commencement 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 broom clean, with the tenant installations therein demolished in a Building standard manner, and shall expire on the last day of 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 period of days that is equal to the 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 shall be Commencement Date occurs (the "Expansion Space Delivery Date (as defined belowExpiration Date"); (ii) Subtenant's Proportionate Share shall be increased to 100%. (iii) the Base Fixed Rent applicable with respect to the Expansion Space shall be 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 as for Tenant's occupancy (provided, however, upon approval of Tenant's plans with respect to the then applicable Base Rent initial construction of the Expansion Space, Landlord shall assist Tenant in obtaining an ACP-5 certificate for the PremisesExpansion 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 (ivvi) provided Tenant is not then in default under the term for terms of this Lease, Tenant shall not be required to pay the portion of the monthly installment of Fixed Rent exclusive of the Factor payable with respect to the Expansion Space 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 manner, and within the period provided herein, such failure shall constitute a waiver of the Option Right and Tenant shall have waived its right to lease the Expansion Space pursuant to this Article 39. Section 39.4 In the event Tenant leases the Expansion Space pursuant to this Article 39, then the Fixed Expiration Date shall be deemed to be the same as the Term set forth hereinExpansion Space Expiration Date.

Appears in 1 contract

Sources: Lease Agreement (BLC Financial Services Inc)

Expansion Option. So long as Silicon Energy is From and after the Subtenant hereunder as of its exercise of Effective Date and continuing through the option granted hereinPrimary Lease Term (the “Expansion Period”), and subject to any existing renewal, expansion, right of first refusal, right of first offer, or other rights of current tenants in the Building, Landlord hereby grants to Tenant an ongoing option to expand in the Building (the “Expansion Option”) for up to 10,000 rentable square feet of space in the Building Complex (the “Expansion Space”), to be exercised in accordance with this Section. This Expansion Option shall automatically terminate upon expiration of the Expansion Period. A. If Tenant wishes to lease any Expansion Space during the Expansion Period, Tenant shall so notify Landlord in writing (“Tenant’s Expansion Notice”) identifying the square footage (and, to the extent identified, the location) of Expansion Space it wishes to lease (the “Subject Expansion Space”). Tenant’s Expansion Notice may be given to Landlord on any Subject Expansion Space at any time during the Expansion Period. Tenant shall continue to have the Expansion Right during the Expansion Period as to any Subject Expansion Space not identified in Tenant’s Expansion Notice. If Tenant does provide Tenant’s Expansion Notice to Landlord during the Expansion Period and such Subject Expansion Space has not been leased by Landlord to another tenant or is space for which Landlord is not then actively negotiating either a letter of intent or a lease with a prospective tenant, the Subject Expansion Space identified therein shall be added to the Premises for all purposes of this Lease on the following terms and conditions: (i) the term of any such lease of Subject Expansion Space shall be co-terminous with the Lease Term; (ii) the Base Rent shall be Market Rent (as defined in Section 44 below) based on a five year lease term as reasonably determined by Landlord; and (iii) Rent shall commence for the Subject Expansion Space on the date the Subject Expansion Space is delivered to Tenant. Any improvements or Alterations in the Subject Expansion Space constructed by Tenant shall be constructed in accordance with and subject to all of the terms and conditions of this Lease. Notwithstanding the foregoing, in the event Tenant leases any Subject Expansion Space during the last 24 months of the Primary Lease Term, Tenant shall be required to extend the lease of the Premises then being leased by Tenant in accordance with Section 44 below. B. Tenant’s Expansion Option is subject to the conditions set forth below, Subtenant shall have one option to lease from Wind River that: (the "Expansion Option"), the remainder of the Master Premises (the "Expansion Space"i) on the same terms date that Tenant delivers Tenant’s Expansion Notice, an uncured Event of Default does not then exist, and conditions set forth in (ii) Tenant shall not have assigned this Sublease for the sublease Lease, or sublet all or any portion of the Sublease Premises under a sublease which is in effect at any time during the period commencing with Tenant’s delivery of its notice and ending on the date the Subject Expansion Space is added to the Premises, provided Subtenant notified Wind River to any person or entity other than in writing of exercise of the Expansion Option prior to December 31, 2000connection with a Permitted Transfer. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant If Tenant so exercises the its Expansion Option, Wind River then within 30 days thereafter, Landlord and Tenant shall have, in addition to all of Wind River's other rights and 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 enter into execute an amendment to this Sublease Lease to add the Subject Expansion Space to the definition Premises as of "Sublease Premises"the date possession of the same is delivered to Tenant, and with an appropriate adjustment to Base Rent, Tenant’s Pro Rata Share and any other provisions that are affected by the rentable square footage of the Premises and, if applicable, such amendment shall include an extension of the Primary Lease Term for the Premises leased by Tenant prior to the addition of the Subject Expansion Space. In addition, the following All other terms and conditions of this Lease shall be included in such amendment: (i) The commencement date for the Expansion Space shall 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 Subject Expansion Space shall be and Tenant’s occupancy thereof from and after 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 set forth hereintime that Tenant takes occupancy thereof.

Appears in 1 contract

Sources: Office Building Lease (Ada-Es Inc)

Expansion Option. So long 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 Silicon Energy is strong as they are upon the Subtenant hereunder as execution of its exercise 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 option granted herein, and subject to the conditions set forth below, Subtenant shall have one option to lease from Wind River (the "Expansion Option"), the remainder construction of the Master Phase II Premises Tenant shall execute a modification of this Lease which shall provide as follows: The term of this Lease shall be extended to fifteen (15) years from the "Expansion Space") on the same terms and conditions set forth in this Sublease for the sublease Substantial Completion of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise of Phase II Premises with the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and 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 enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendment: (i) The commencement date for the Expansion Space shall 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 existing Premises ("Phase I Premises; and (iv") to remain as provided for in this Lease except that the term escalators provided for in Section 4.1 shall continue through the end of the revised term. The Base Rent for the Expansion Space 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 same as Debt Constant. The Debt Constant shall equal the lowest commercially available rate which Landlord can obtain. FOR EXAMPLE, 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 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 Term set forth hereinfor up to an additional fifteen (15) years from the date of Substantial Completion thereof and at no increase in Base Rent on account of such expansion. Notwithstanding the above, if Tenant assigns this Lease after the fifth anniversary, Landlord may elect in its sole discretion not to provide funding for the expansion.

Appears in 1 contract

Sources: Lease Agreement (Quantum Corp /De/)

Expansion Option. So long as Silicon Energy is Tenant shall have the Subtenant hereunder as right to enlarge the area of the Premises by a minimum of 6,000 additional square feet of rentable area. In the event Tenant notifies Landlord ("Expansion Notice") of its exercise of the option granted herein, and subject to the conditions set forth below, Subtenant shall have one option desire to lease from Wind River a minimum of 6,000 additional square feet of rentable area, Landlord shall use reasonable efforts to deliver said additional space (the "Expansion Option"), the remainder of the Master Premises (the "Expansion Space") on either in the same Tenant's existing Building or another building within Westmoor Technology Park as determined by Landlord, within nine (9) months of the receipt of Tenant's notice. Upon delivery of the Expansion Space the terms and conditions set forth in this Sublease for the sublease of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise Lease shall be modified as follows: A. The term of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and 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 enter into an amendment to this Sublease to add Lease for the Expansion Space to shall be five (5) years. B. If the definition Expansion Space is within the Building and the Expansion Notice is delivered within the first eighteen (18) months of "Sublease Premises". In additionthe Lease Commencement Date, the following terms shall be included in such amendment: (i) The commencement date Base Rent for the Expansion Space shall be the Expansion Space Delivery Date (as defined below); (ii) Subtenant's Proportionate Share shall be increased to 100%. (iii) rate then in effect for the Base Rent applicable to existing Premises and the Expansion Space Tenant Improvement Allowance shall be the same as the then applicable Base Rent for the Premises; and, provided the expansion occurs in space not previously leased. (iv) C. The term of the Lease for the existing Premises shall be extended so as to be coterminous with the term of the Lease for the Expansion Space. The Base Rent for the Expansion Space shall be as provided for under this Lease for the same Premises. If however, the Expansion Space has previously been occupied, the Tenant Improvement Allowance shall be the then equivalent to that which is being given for comparable space being leased within the Park at comparable rental rates. D. If the Expansion Notice is received after the first eighteen (18) months of the Primary Lease Term or the expansion occurs at any time in a building within Westmoor Technology Park other than the Building, the Base Rental Rate shall be the then current market rate being charged for the Expansion Space as determined by Landlord. E. The Expansion Notice shall be delivered no later than twelve (12) months prior to the Term set forth hereinexpiration of the Primary Lease Term.

Appears in 1 contract

Sources: Lease (Channelpoint Inc)

Expansion Option. So long as Silicon Energy is the Subtenant hereunder as of its exercise of the option granted herein, and subject Section 33.01. Subject to the terms and conditions hereinafter set -------------- forth below, Subtenant and provided that the lease is in full force and effect and no event of default shall have one occurred which shall be continuing, Tenant shall have the option to lease from Wind River (additional space in the "Expansion Option"), the remainder of the Master Premises Building (the "Expansion Space") as follows. Tenant shall have the option (the "Expansion Option") to lease 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 Landlord given within six (6) months after the same date of execution of this lease. If Tenant so exercises its Expansion Option as herein provided, such space 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 set forth 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 this Sublease for the sublease accordance with Article 2.02 of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained hereinExhibit C, if Subtenant is in default under any of applicable, containing all information required by Landlord to construct the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and 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 enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendment: (i) The commencement date Base Building Work for the Expansion Space shall be Space, the Expansion Space Delivery Commencement Date, Expiration Date (and free rent period 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 those for the initial Premises. If such drawings, plans, specifications, and other detailed information for the Expansion Space are not delivered by the respective dates specified in Article 2.02 of Exhibit C, if applicable, (i) the delivery date by Landlord of the Expansion Space with the Base Building Work substantially completed shall have no effect upon the determination of the Commencement Date for the initial Premises; and (ivii) the term Commencement Date and commencement of the seven-month free- rent period for the Expansion Space shall be the same 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 occupancy of the Expansion Space for the conduct of its normal business operations, or (C) fifteen (15) days after (1) Tenant Build-out for the Expansion Space is substantially completed, and (2) the Communication Systems have been installed on the Building and Land, so as to permit Tenant to occupy the Term set forth hereinExpansion 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 have no obligation to make any other alterations, decorations, additions or improvements in or to the Expansion Space.

Appears in 1 contract

Sources: Sublease Agreement (Opnet Technologies Inc)

Expansion Option. So long as Silicon Energy In the event Landlord is unable to deliver the Subtenant hereunder as Advance Premises, the Sprint Premises and/or the SAS Premises prior to February 28, 2001 in accordance with the terms of its exercise of this Lease, Tenant shall have an expansion option ("Expansion Space Option") which shall require Landlord to, prior to offering the option granted hereinsame to any party, and subject first offer to lease to the conditions set forth below, Subtenant shall have one option to lease from Wind River (Tenant named herein any space located within the "Expansion Option"), the remainder of the Master Premises Building (the "Expansion Space") upon the same terms, covenants and conditions contained in this Lease, for a term to commence on the same terms Expansion Space Commencement Date (hereinafter defined) and conditions set forth in this Sublease for to end on the sublease of the Sublease PremisesExpiration Date, provided Subtenant notified Wind River in writing of exercise of the Expansion Option prior unless sooner cancelled or terminated pursuant to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, conditions or covenants or conditions of this Sublease at 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 may exercise the Expansion Space Option by delivering written notice ("Exercise Notice") to Landlord within ten (10) business days after receipt of the Option Notice, time Subtenant 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 of no further force or effect as to the portion of the Expansion Space not accepted by Tenant but shall remain in full force and effect on any remaining Expansion Space that has not been included in any Option Notice. In the event Tenant duly exercises the Expansion Option, Wind River shall have, Space Option in addition to all accordance with the provisions of Wind River's other rights and remedies provided in this SubleaseParagraph 41, the right to terminate Lease shall be deemed modified as of the Expansion Option upon notice to Subtenant.Space Commencement Date as follows: (a) In The Leased Premises shall include all (but not less than all) of the event Subtenant exercises available Expansion Space as described in the Option Notice for all purposes of this Lease; (b) Tenant shall accept the Expansion Option Space in a timely fashionthe 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., Wind River moving allowance, construction allowance, and Subtenant the like) or other tenant inducements. (c) Landlord and Tenant shall enter into execute an amendment to this Sublease Lease, effective as of the Expansion Space Commencement Date. The Expansion Space Commencement Date shall be the day on which the Landlord delivers vacant possession of the applicable Expansion Space to add Tenant free of leases, tenancies and occupancies provided, however, if Tenant, or any other person or entity claiming by, through or under Tenant, shall occupy all or any portion of the Expansion Space for the conduct of business prior to the Expansion Space Commencement Date, then the Expansion Space Commencement Date shall 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 definition Lease to the contrary, Tenant hereby waives the right to rescind this Lease in the event all or any portion of "Sublease Premises". In addition, the following terms shall be included in such amendment: (i) The commencement date for the Expansion Space does not become available during the Term of this Lease. Upon request of either Landlord or Tenant, from time to time, the non requesting party shall be execute and deliver to such requesting party an instrument in form and substance reasonably satisfactory to such requesting party, stating that Tenant has or has not exercised the Expansion Space Delivery Date (as defined below); (ii) Subtenant's Proportionate Share shall be increased to 100%Option contained in this Paragraph 41. (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 set forth herein.

Appears in 1 contract

Sources: Lease Agreement (KMC Telecom Holdings Inc)

Expansion Option. So long as Silicon Energy is (a) Provided that on the Subtenant hereunder as of its exercise 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 option granted hereindemised premises, and subject to the conditions set forth below, Subtenant Tenant shall have one the option to lease from Wind River (the "Expansion Option")) to lease, at Landlord's option, either (A) the remainder space on the 6th floor of the Master Premises 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 "Expansion Space"). Landlord and Tenant 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 "Expansion Notice") on or before September 30, 1999. If this Lease shall be terminated or if any of the same 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 time it exercises the Expansion Option and Tenant cures such default prior to September 30, 1999, Tenant shall be entitled to re-exercise the Expansion Option 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 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 Sublease for the sublease of the Sublease PremisesLease, provided Subtenant notified Wind River in writing of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and 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 enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendmentexcept that: (i) The commencement date 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 the 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 Expansion Space and (B) if Tenant shall be have timely and properly given an Expansion Notice after May 17, 1999 and on or before September 30, 1999, the Expansion Space Delivery Date (as defined below)ES Fair Market Rent; (ii) SubtenantTenant's Proportionate Tax Share shall be increased to 100%.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) the Base Rent applicable to Tenant's Operating Share shall be increased by (A) 3.01% if the Expansion Space shall be is Expansion Space I and (B) 2.98% if the same as the then applicable Base Rent for the PremisesExpansion 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 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 accompanied by (i) paid invoices or other evidence reasonably satisfactory to Landlord of the amounts paid by Tenant for such Hard Costs and/or Soft Costs, (ii) a certificate from a financial officer of Tenant that Tenant has not been reimbursed previously for such Hard Costs and/or Soft Costs, (iii) a certificate from Tenant's architect which certifies that the work for which Tenant is seeking reimbursement has been completed substantially in accordance with the plans and specifications previously approved or deemed approved by Landlord 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 thirty (30) days after receipt of such notice and other information and provided the certificates and other deliveries made therewith are correct, Landlord shall reimburse Tenant for the amount thereof until the total of all such reimbursements is equal to the Expansion Premises 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, Landlord shall have the right to withhold $25,000 from the Expansion Premises 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 timely and properly given an Expansion Notice on or before May 17, 1999, the term for 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 on the originally scheduled Expiration Date). (b) The "ES Possession Date" shall be the same as date that Landlord delivers vacant possession of the Term set forth hereinExpansion Space to Tenant, broom-clean with all movable furniture and personal property removed.

Appears in 1 contract

Sources: Office Lease (Credit Suisse First Boston Usa Inc)

Expansion Option. So long as Silicon Energy Provided this Lease is the Subtenant hereunder as of its exercise in full force and effect and that Tenant is not in Default under any of the option granted herein, and subject to the conditions set forth below, Subtenant shall have one option to lease from Wind River (the "Expansion Option"), the remainder of the Master Premises (the "Expansion Space") on the same other terms and conditions set forth in of this Sublease for Lease beyond the sublease expiration of any applicable notice and cure period either at the Sublease Premises, provided Subtenant notified Wind River in writing time of Tenant’s exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything (defined hereinafter) or at the commencement of the term with respect to the contrary contained herein, if Subtenant is in default under any Expansion Space (defined hereinafter) and subject to all other written contract based options held by tenants of the terms, covenants Building and Landlord's right to first offer and lease any such space to any tenant who is then occupying or conditions of this Sublease leasing such space at the time Subtenant exercises 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 expand into that certain space in the Building containing approximately Two Thousand Nine Hundred Fifty (2,950) rentable square feet which is contiguous with the Premises and is hereby known as Suite 420 and shown on Exhibit A-3 attached hereto (“Expansion Space"). In the event Tenant wishes to exercise the Expansion Option, Wind River then Tenant shall have, in addition to all provide Landlord with written notice of Wind River's other rights and remedies provided in this Sublease, the right to terminate Tenant’s exercise of the Expansion Option upon 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 to Subtenant. (a) In shall be given in accordance with Section 21 of the event Subtenant exercises Lease. If notification of the exercise of this Expansion Option is not so given and received, the Expansion Option in a timely fashiongranted herein shall automatically expire, Wind River and Subtenant shall enter Tenant s hall have no further option to expand into an amendment to this Sublease to add 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 definition expiration of "Sublease Premises". In addition, the following terms shall be included in such amendment: (i) The commencement date for the Expansion Space shall be the Expansion Space Delivery Date (as defined below); (ii) Subtenant's Proportionate Share shall be increased to 100%. (iii) the Option. The Base Rent payable for and other economic terms applicable to the Expansion Space shall be 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 then applicable Base Rent for the Premises; and (iv) . Landlord shall construct improvements for Expansion Space subject to the term 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. 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 Term Expansion Option Commencement Date and through the Partial Rent Abatement Period. Upon Tenant’s exercise of the Expansion Option pursuant to this Paragraph, the parties shall execute an amendment to this Lease reflecting the terms set forth herein.

Appears in 1 contract

Sources: Office Lease Agreement (Micromet, Inc.)

Expansion Option. So long as Silicon Energy is (i) Landlord offers Tenant an ongoing right of first refusal, an ongoing right to lease, and expansion options for all contiguous space to the Subtenant hereunder as of its exercise Leased Premises and/or all available space on the tenth, fifth, and sixth floors of the option granted hereinBuilding and/or all space that may become available in the Building or any adjacent building, and subject to if any, during the conditions set forth below, Subtenant shall have one option to lease from Wind River Term of this Lease or any extension thereof (the "Expansion Option"), the remainder of the Master Premises (the "Expansion Space"). Expansion Space shall be 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 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, at its election, to expand by approximately 740 rentable square feet on the ground floor of the Building (former lab space) any time during the first Lease Year ("Fixed Option Expansion Space"). Any such Fixed Option Expansion Space shall be leased under the same terms and conditions set forth in this Sublease for as the sublease of the Sublease initial Leased Premises, provided Subtenant notified Wind River in writing of exercise of except that Tenant will accept the Expansion Fixed Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and 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 enter into an amendment to this Sublease to add the Expansion Space to the definition of in "Sublease Premises"as is" condition and shall perform any improvement at its sole cost. In addition, the following terms shall be included in such amendment: (i) The commencement date rental rate for the Fixed Option Expansion Space shall be fixed at $10.00 per rentable square foot net for the Expansion Space Delivery Date (as defined below); (ii) Subtenant's Proportionate Share entire term and the term shall be increased to 100%coterminous with the Term of the initial Lease for Leased Premises. (iii) the Base Rent applicable Landlord shall provide written notice to the Tenant upon Expansion Space becoming available and Tenant shall be the same as the then applicable Base Rent for the Premises; and have ten (iv10) the term for the business days from receipt of such notice to exercise its rights to Expansion Space shall be the same as the Term set forth hereinSpace.

Appears in 1 contract

Sources: Sublease Agreement (Xanodyne Pharmaceuticals Inc)

Expansion Option. So long as Silicon Energy is the Subtenant hereunder as of its exercise of the option granted herein, and subject to the conditions set forth below, 25.1 Subtenant shall have one option a right of first offer to lease from Wind River any additional 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 "Expansion OptionOffer Notice"), ) to Subtenant of Sublandlord's intention to sublease such space. The Offer Notice shall identify the remainder of the Master Premises space proposed to be sublet (the "Expansion Additional Space") on and specify the time (the "Delivery Date") Sublandlord will deliver possession of the Additional Space as well as the rent and additional payments which would be payable for such Additional Space. Subtenant shall have the right to lease the Additional Space by giving Sublandlord written notice within seven (7) business days after receipt of 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 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 this Sublease for the sublease of the Sublease Premises, Sublease; provided Subtenant notified Wind River in writing of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and remedies provided in this Subleasehowever, 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 enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendment: (i) The commencement date for the Expansion Space shall 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 Additional Space shall be at the same as the Term amount set forth hereinin the Offer Notice. The term of 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 repeated late payments by Subtenant or other repeated defaults of material provisions of the Sublease.

Appears in 1 contract

Sources: Sublease Agreement (Cybercash Inc)

Expansion Option. So long 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 Silicon Energy is provided herein. This option for expansion shall be for one addition (the Subtenant hereunder as “Addition”), from twenty thousand (20,000) 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 similar appearance, construction and quality to the 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 option granted hereinPlans, Landlord shall commence construction of the Addition at its cost and subject expense and shall diligently pursue completion of the Addition in a good and workmanlike fashion. Any changes to the conditions set forth belowPlans 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, Subtenant 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 have one option 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 lease from Wind River occupy the Addition (the "Expansion Option"“Addition Effective Date”), the remainder rental payments due hereunder shall be adjusted as follows: First, the Base Rent rate then in effect shall be applied to the total square footage of the Master Premises Demised 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 "Expansion Space"“Outstanding Debt”) on shall not exceed $400,000 at the same expiration of the renewal term provided herein, provided that the Outstanding Debt shall be computed as if all rent paid to Landlord in excess of the Base Rent has been applied to the reduction of the Outstanding Debt. Landlord and Tenant acknowledge that financial assistance or tax incentives in connection with the construction of the 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 set forth in this Sublease for the sublease of the Sublease Premises, provided Subtenant notified Wind River Lease not specifically modified herein shall remain in writing of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights full force and 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 enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendment: (i) The commencement date for the Expansion Space shall 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 set forth herein.effect

Appears in 1 contract

Sources: Lease Agreement (Nortech Systems Inc)

Expansion Option. So long as Silicon Energy A. Provided Tenant is not in default hereunder beyond the Subtenant hereunder as giving of its exercise notice and expiration of the option granted hereinapplicable grace periods expressly provided for in this Lease and this Lease shall be in full force and effect, and subject to the conditions set forth below, Subtenant then Tenant shall have one option the continuous right to lease from Wind River (the "Expansion Option"), the remainder of the Master Premises (the "Expansion Space") on the same terms and conditions set forth in this Sublease for the sublease of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise all or any portion of the Expansion Option prior Space which is reasonably capable of being subdivided for Tenant’s use and occupancy, and which is not leased or committed or reserved to December 31others and for which no option rights thereto have been given, 2000. Notwithstanding anything committed or reserved to other parties, if, as, and when it becomes vacant and available for leasing, from time to time, during the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions term of this Sublease at Lease (the time Subtenant exercises “Expansion Option”). Landlord agrees that it will not grant new option rights for the Expansion Option, Wind River Space after the execution of this Lease. B. Tenant shall have, in addition have given written notice to all Landlord of Wind River's other rights and remedies provided in this Sublease, the right its intent to terminate exercise the Expansion Option upon notice (the “Expansion Intent Letter”), which Expansion Intent Letter shall have been received by Landlord not less than nine (9) months prior to Subtenantthe date Tenant wishes to occupy the Expansion Space. (a) In the event Subtenant exercises C. If Tenant shall exercise the Expansion Option in a timely fashionaccordance with the provisions of this Article, Wind River and Subtenant this Lease shall enter into an amendment be amended to this Sublease to add include the Expansion Space to Premises upon all the definition of "Sublease Premises". In additionterms, covenants, and conditions contained in the following terms shall be included in such amendment: Lease, except that (i) The commencement date for the Expansion Space shall 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 for the Expansion Space Premises shall be the same as the then applicable escalated Base Rent for the Premises; and Premises in effect as of the date Tenant exercises Expansion Option, (ivii) the term for the Expansion Space shall expire co-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 same as the Term set forth hereinExpansion Premises.

Appears in 1 contract

Sources: Lease Agreement (First Indiana Corp)

Expansion Option. So long as Silicon Energy is Landlord hereby grants to Tenant an option (the Subtenant hereunder as “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 option granted herein, and subject to the conditions set forth below, Subtenant shall have one option Option to lease from Wind River (the "Expansion Option")Option Space in which event Landlord shall make all necessary leasehold improvements thereto at Landlord’s cost and expense providing that Tenant shall be required to reimburse Landlord before occupancy for the cost thereof in excess of $24.00 per square foot. Tenant agrees to pay to Landlord together with the Base Rent, the remainder monthly sum of $3871.88 plus sales tax thereon until either (i) Tenant has exercised the Master Premises (Option and Landlord has completed the "Expansion Space") on leasehold improvements thereto in which event the Rent shall be the same terms and conditions per square foot rent as set forth in this Sublease Addendum above; (ii) Tenant’s rights to the Option Space have terminated; or (iii) Tenant has cancelled the Option by furnishing not less than ninety (90) days prior written notice of such termination and has vacated the Option Space. From the Commencement Date until July 1, 2001, Tenant may use the option space for storage purposes and for no other purpose. If Tenant has not exercised the sublease Option in accordance herewith, Tenant’s right to use the Option Space for storage will terminate effective on midnight July 1, 2001. THIS FIRST AMENDMENT TO LEASE is entered into as of the Sublease Premises28th day of November, provided Subtenant notified Wind River 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 have the meaning assigned to them in writing of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and remedies provided in this Sublease, the right to terminate the Expansion Option upon notice to Subtenant. “Lease” (a) In the event Subtenant exercises the Expansion Option in a timely fashion, Wind River and Subtenant shall enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendment: (i) The commencement date for the Expansion Space shall 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 set forth herein.

Appears in 1 contract

Sources: Lease Agreement (EverBank Financial Corp)

Expansion Option. So long as Silicon Energy is Commencing on the Subtenant hereunder Expansion Premises Commencement Date and continuing through the Expiration Date (the “Expansion Option Period”), Tenant shall have the right and option, subject and subordinate to similar rights of other tenants in the Building existing as of its exercise the Execution Date (the “Expansion Option”), to lease additional vacant space on the 2nd floor of the option granted herein, and subject to the conditions set forth below, Subtenant shall have one option to lease from Wind River Building (the "Expansion Option"), “Option Premises”) for the remainder of the Master Premises Lease Term, on the terms and conditions then in effect under the Lease. The Expansion Option shall be exercised only by written notice from Tenant to Landlord (the "Expansion Space"Notice”) not less than 60 days prior to the intended commencement date as to such space (the “Option Commencement Date”). Within 30 days of Tenant’s delivery of the Expansion Notice, Landlord and Tenant shall execute an amendment to the Lease adding the Option Premises to the Premises on the same terms and conditions as set forth in this Sublease for the sublease of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and remedies provided in this Sublease, the right to terminate the Expansion Option upon notice to Subtenant.Lease except as follows: (a) In The square footage of the event Subtenant exercises the Expansion Option in a timely fashion, Wind River and Subtenant shall enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendment: (i) The commencement date for the Expansion Space shall be the Expansion Space Delivery Date (as defined below); (ii) Subtenant's Proportionate Share Premises shall be increased to 100%by the square footage of the Option Premises. (iiib) The amendment shall be effective as of the Base Rent applicable Option Commencement Date and the term of the Lease as to the Expansion Space Option Premises shall expire on the Expiration Date. (c) Tenant’s Building Expense Percentage shall be proportionally adjusted to include the same as the then applicable Base Rent for the Option Premises; and. (ivd) Landlord shall deliver the term for the Expansion Space shall be the same as the Term set forth hereinOption Premises to Tenant in its “as-is” condition.

Appears in 1 contract

Sources: Lease Agreement (Ikaria, Inc.)

Expansion Option. So long as Silicon Energy is (i) Subject to and upon the Subtenant hereunder as of its exercise of the option granted hereinterms, and subject to the conditions set forth below, Subtenant shall have one option to lease from Wind River (the "Expansion Option"), the remainder of the Master Premises (the "Expansion Space") on the same terms provisions and conditions set forth in this Sublease for Section 9(a), Tenant shall have, and is hereby granted, a one-time option (the sublease "EXPANSION OPTION") to lease those certain premises designated by Landlord (hereinafter sometimes called the "ADDITIONAL EXPANSION PREMISES") located on any single floor selected by Landlord located between Floors 24 through 35 of the Sublease PremisesBuilding and consisting of approximately 3,000 square feet of net rentable area (+/-10%), provided Subtenant notified Wind River in writing by written notice to Landlord exercised by Tenant within ten (10) days following the expiration of the thirtieth (30th) month following the Expansion Premises Commencement Date. If Tenant does not exercise of the Expansion Option on or prior to December 31such date, 2000. Notwithstanding anything to the contrary contained hereinExpansion Option shall be waived. (ii) The Expansion Option may be exercised only if, if Subtenant is in 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 be 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 or and conditions of this Sublease at Lease except that the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and 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 enter into an amendment to this Sublease to add the Expansion Space Base Rental with respect to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendment: (i) The commencement date for the Additional Expansion Space Premises shall be the Expansion Space Delivery Date (Market Base Rental Rate as defined below); (ii) Subtenantdetermined by Landlord in accordance with the Lease. Tenant's Proportionate Share shall be increased obligation to 100%. (iii) the Base Rent applicable to the Expansion Space shall be the same as the then applicable Base Rent pay rental for the Premises; andAdditional 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 term for Additional Expansion Premises, Landlord will furnish the Additional Expansion Space shall be Premises to Tenant, and Tenant will accept the same as the Term set forth hereinAdditional Expansion Premises, in its then current condition (I.E. "AS IS" and "WITH ALL FAULTS").

Appears in 1 contract

Sources: Lease Agreement (Pinnacle Global Group Inc)

Expansion Option. So long as Silicon Energy is the Subtenant hereunder as of its exercise Provided Landlord does not have a bona fide ---------------- offer from a third party to lease Building space containing all or a portion of the option granted hereinEast Anchor Building Option Space, and subject to the conditions set forth below, Subtenant Tenant shall have one the option to lease from Wind River (the "Expansion Option"), the remainder all or a portion of the Master Premises Option Space upon not less than sixty (the "Expansion Space"60) on days' notice upon the same terms and conditions set forth in this Sublease for the sublease of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any including parking ratio. All non-conflicting terms and conditions of the termsLease, covenants or conditions of this Sublease at as amended, shall apply to said Option Space, and the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and remedies provided in this Sublease, the right to terminate the Expansion Base Rent for said Option upon notice to Subtenant. (a) In the event Subtenant exercises the Expansion Option in a timely fashion, Wind River and Subtenant shall enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendment: (i) The commencement date for the Expansion Space shall be the Expansion Space Delivery Date (as defined belowrate per rentable square foot set forth in Section 1(i); (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 , payable in monthly installments, in advance. For purposes of calculating Adjusted Base Rent for the Premises; and (iv) Option Space, the term for 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 Expansion original allowance prorated over the remaining Term of this Lease. The Option Space shall be accepted by Tenant in an "as-is" condition, after Landlord performs Items 1, 2, 6 and 8 under Construction/Demolition as shown on Exhibit "E" on the same 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. Tenant agrees to execute an Amendment and Supplement of Lease in form and substance reasonably acceptable to Landlord confirming the exercise of the 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 Space at Tenant's sole cost and expense. Landlord shall provide the space for an additional transformer outside the Building to be installed by Tenant as a part of the Term set forth hereinOption 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

Sources: Lease Agreement (Pac-West Telecomm Inc)

Expansion Option. So long as Silicon Energy no event of default then exists under this Lease following the expiration of any applicable notice and cure period, Tenant shall have the right (the “Expansion Option”) to lease the Expansion Space (as that term is hereinafter defined) pursuant to and in accordance with the Subtenant hereunder following terms and conditions: a. Effective as of its exercise March 1, 2009 (“Effective Date A”), Tenant shall have the right to lease all or a minimum of 12,000 rentable square feet of space on Floor 7 of the option granted hereinBuilding (“Expansion Space A”). Effective as of March 1, and subject to the conditions set forth below2011 (“Effective Date B”), Subtenant Tenant shall have one option the right to lease from Wind River all or a minimum of 12,000 rentable square feet of space on Floor 9 of the Building (“Expansion Space B”). Expansion Space A and Expansion Space B shall collectively be referred to herein as the "Expansion Option"Space.” If Tenant leases less than all remaining space on the applicable Floor (with a minimum of 12,000 rentable square feet as aforesaid), the remainder 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 Master Premises (the "Expansion Space") other tenants on the same terms Floor and conditions set forth in this Sublease for such a manner as to ensure that the sublease of the Sublease Premises, provided Subtenant notified Wind River remaining unleased space is marketable in writing of exercise of the Landlord’s reasonable judgment. b. Each Expansion Option shall be exercised by Tenant, if at all, by Tenant providing written notice to Landlord at least ten (10) months prior to December 31, 2000the applicable Expansion Option Effective Date. Notwithstanding anything Should Tenant fail to the contrary contained herein, if Subtenant is in default under duly and timely exercise any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River it shall havebecome null and void and of no further force and effect. Should Tenant duly and timely exercise an Expansion Option, in addition Landlord shall deliver the applicable Expansion Space to all Tenant within six (6) months following the applicable Effective Date for Tenant to commence its improvements therein and on the date of Wind River's other rights and remedies provided in this Subleasesuch delivery, the right Expansion Space shall be added to terminate the Premises. Rent for the applicable Expansion Option upon notice Space shall commence on the earlier to Subtenant. occur of ( ) one hundred twenty (a120) In days after the event Subtenant exercises the Expansion Option in a timely fashion, Wind River and Subtenant shall enter into an amendment to this Sublease to add date Landlord delivers the Expansion Space to Tenant or (ii) the definition date Tenant begins conducting business in the applicable Expansion Space (the “Rent Effective Date”), through the last day of "Sublease Premises"the term, as the same may be extended. In addition, the following terms The Expansion Space shall be included subject to all terms and provisions of this lease, as amended, including Base Rental (on a per square foot of net rentable area basis), and additional rent then in such amendment:effect for the Premises. (i) The commencement date c. Tenant improvements for the Expansion Space shall be designed and installed in accordance with 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 number of square feet of net rentable area in the Expansion Space Delivery Date (as defined below); (ii) Subtenant's Proportionate Share shall be increased to 100%times a fraction, the numerator of which is the number of full calendar months remaining in the initial term after the applicable Option Effective Date, and the denominator of which is 120. (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 set forth herein.

Appears in 1 contract

Sources: Lease Agreement (Homebanc Corp)

Expansion Option. So long as Silicon Energy is the Subtenant hereunder as of its exercise of the option granted herein, and subject to the conditions set forth below, Subtenant Tenant shall have one the option to lease from Wind River the balance of the space on the fourth floor of the Building (the "Expansion Option"), ) as shown on the remainder of the Master Premises attached floor plan (the "Expansion Space") by providing Landlord written notice on or before December 31, 1998. The Expansion Space shall be deemed to contain 8,001 rentable sq. ft. If the same terms 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 and conditions set forth in this Sublease for 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, at Tenant's option, an additional buildout allowance of $6.00 per rentable sq. ft. or $48,006.00 to be amortized monthly over the sublease term of the Sublease PremisesLease at 10% interest (collectively, provided Subtenant notified Wind River the "Buildout Allowances"). Tenant shall have the right to construct improvements in writing of exercise the Expansion Space without paying a construction management fee to Landlord or Landlord's agent, subject only to Landlord's approval of the Expansion Option prior to December 31Space construction documents, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant as such approval is described in default under any Rider 301 of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River First Amendment to Lease ("Workletter"). Tenant shall have, in addition to all of Wind River's other rights and 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 pay a timely fashion, Wind River and Subtenant shall enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendment: (i) The commencement date Base Rental for the 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 has completed the buildout of the Expansion Space, the Base Rental shall be commence one hundred eighty (180) days after delivery of Tenant's written notice to exercise the Expansion Option but in no event later than July 1, 1999. The lease term on the Expansion Space Delivery Date (as defined below); (ii) Subtenantshall expire on December 31, 2005. For purposes of calculating Tenant's Proportionate Pro Rata Share of Operating Costs attributable to the Expansion Space, the actual Operating Costs for calendar year 1999 shall be increased to 100%. (iii) the Base Rent applicable Landlord's Operating Cost contribution. Tenant's Pro Rata Share attributable to the Expansion Space shall be the same as the then applicable Base Rent is 4.193% and if this Expansion Option is exercised, 11.02% for the combined Leased Premises; and (iv) the term for the Expansion Space shall be the same as the Term set forth herein.

Appears in 1 contract

Sources: Office Lease Agreement (Bionumerik Pharmaceuticals Inc)

Expansion Option. So long as Silicon Energy Provided that no Default has occurred and is continuing with respect to Tenant at the Subtenant hereunder as time of its exercise of this option, Tenant shall have the option granted herein, and subject to the conditions set forth below, Subtenant shall have one option to lease from Wind River expand (the "Expansion Option") into that area of up to 25,000 contiguous rentable square feet known as "Expansion Area #1" (as more particularly described below), the remainder upon all of the Master Premises (the "Expansion Space") on the same terms and conditions set forth in this Sublease for the sublease of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and remedies provided in this Sublease, the right to terminate the Expansion Option upon notice to Subtenant.following conditions: (a) In Tenant shall exercise this Expansion Option by written notice which must be received by Landlord no later than 5:00 p.m. on the event Subtenant exercises date which is nine (9) months prior to the Expansion Option in a timely fashion, Wind River and Subtenant shall enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendment: (i) The commencement date for the Expansion Space shall be the Expansion Space Delivery Date (as defined belowin the following sentence); . The Expansion Date, currently the first day of the sixty-seventh (ii67th) Subtenant's Proportionate Share full calendar month of the Lease Term, shall be increased subject to 100%. an adjustment of no more than six (iii6) 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 Base Rent applicable 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 Expansion Space shall be Premises) and located in that portion of the Office Tower containing the same as elevator bank where Tenant's existing Premises are located. Within ten (10) business days of Landlord's identification of the then applicable Base Rent for the PremisesExpansion Area #1, Tenant shall notify Landlord of what portion of Expansion Area #1 Tenant elects to take; and (iv) the term for the Expansion Space shall be the same as the Term set forth herein.

Appears in 1 contract

Sources: Office Lease Agreement (S1 Corp /De/)

Expansion Option. So long as Silicon Energy is Subject to the Subtenant hereunder as of its exercise provisions hereinafter set forth,Landlord hereby grants to Tenant the option to lease, on the terms and conditions hereinafter set forth, space (the “Expansion Space”) within the area on the 25th floor of the option granted hereinBuilding shown on Exhibit I to this Lease (the “Total Expansion Space”), the exact area, configuration and subject location of the Expansion Space and the date of commencement of the term of the demise with respect to the conditions Expansion Space (the “Expansion Space Commencement Date”) to be designated by Landlord within the parameters set forth below, Subtenant shall have one option to lease from Wind River (the "Expansion Option"), the remainder of the Master Premises (the "Expansion Space") on the same terms and conditions set forth in this Sublease for the sublease of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and remedies provided in this Sublease, the right to terminate the Expansion Option upon notice to Subtenant. (a) In Landlord shall determine the event Subtenant exercises portion of the Total Expansion Option in a timely fashion, Wind River and Subtenant shall enter into an amendment Space to this Sublease to add be 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 definition of "Sublease Premises". In addition, the following terms shall be included in such amendmentconditions: (i) The commencement date 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 (iii) the 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, time being of the essence. If Tenant’s option is not so exercised, said option shall thereupon terminate and Tenant shall not thereafter have any right to lease any portion of the 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 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 (60) days after Tenant’s exercise of its option to lease 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 Expansion Space.Commencement Date this lease is in full force and effect 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 . 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 Delivery Date (as defined below)Space; (ii) Subtenant's Proportionate Share the Rentable Area of the Premises shall be increased to 100%.by the Rentable Area of the Expansion Space; (iii) the Base Rent applicable to term of the demise covering the Expansion Space shall be commence on the same as Expansion Space Commencement Date and shall expire simultaneously with the then applicable Base Rent for the Premisesexpiration or earlier termination of me Term of this tease, including any extension or renewal thereof; and (iv) the term Expansion Space shall be rented in its “as is” condition as of the 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 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 Expansion Space or the balance of the Premises; provided, however, that under such circumstances, rent shall not commence as to the Expansion Space until Landlord is able to deliver possession, and Base Rent for the Expansion Space shall be adjusted to reflect the same 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 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 thereupon be deleted from the Total Expansion Space and the minimum area which Landlord may designate as the Term set forth hereinExpansion 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. So long as Silicon Energy is (a) Subject to the Subtenant hereunder as terms and conditions of its exercise of the option granted herein, this Section 2.5 and subject to the conditions set forth belowpre-existing rights of Transystems, Subtenant Inc., as shown on Exhibit FO, Tenant shall have one option the right to expand the Premises to include 16,640 rentable square feet of space on the first floor of the Building, in the location shown on Exhibit FP-1 (“Expansion Premises”), provided and on condition that (i) this Lease 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). If Tenant shall give Landlord written notice no later than the date that is twelve months after the date of 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 from Wind River all or any portion of the Expansion Premises to such parties and on such terms as Landlord shall 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 Option"), 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 Master 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 Space") on Premises Commencement Date, the same 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 set forth in of this Sublease 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 sublease remainder of the Sublease Premises, provided Subtenant notified Wind River in writing ; (ii) the Term of exercise the 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 Option prior to December 31, 2000. Notwithstanding anything Premises to the contrary contained herein, if Subtenant is Premises in default under any of accordance with the terms, covenants or conditions of this Sublease at the time Subtenant exercises Escalation Factor Computation. Promptly after the Expansion OptionPremises Commencement Date, Wind River shall have, in addition Landlord and Tenant agree to all of Wind River's other rights and 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 enter into an amendment to this Sublease to add Lease memorializing the addition of the Expansion Space Premises to this Lease and the amendment to the definition applicable defined terms hereunder, including, without limitation, Premises, Basic Rent, Term and Escalation Factor, but failure of "Sublease Premises". In addition, the following terms parties to execute such an amendment shall be included in such amendment: (i) The commencement date for have no effect on the expansion of the Premises to include the Expansion Space shall be Premises, and the Expansion Space Delivery Date (economic terms associated therewith, 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 set forth hereinabove.

Appears in 1 contract

Sources: Lease Agreement (First Marblehead Corp)

Expansion Option. So long as Silicon Energy is the Subtenant hereunder as of its exercise of the option granted herein, and subject to the conditions set forth below, Subtenant Tenant shall have one option to lease from Wind River the right (the "Expansion Option"), ) to ---------------- expand the remainder of Premises to include the Master Premises (the area designated as "Expansion Space") " on Exhibit A on the same ground floor, which will increase the Premises by 4,559 square feet for a total of 14,557 square feet upon the following terms and conditions set forth in this Sublease for the sublease of the Sublease Premises, provided Subtenant notified Wind River in writing conditions: (a) Tenant's written notice of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to must be received by Landlord on or before the contrary contained herein, if Subtenant is in default under any last day of the termsninth (9th) month from the commencement date of the Lease and shall be effective commencing with the first day of the 13th month from the commencement date of the Lease, covenants or conditions subject to postponement for delay in completing Improvements in accordance with the terms of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and remedies provided in this Sublease, the right to terminate the Expansion Option upon notice to SubtenantWorkletter. (ab) In the event Subtenant exercises The terms of this Lease shall apply to the Expansion Option Space, except as follows: (1) The Rent then in effect will be applied on a timely fashion, Wind River and Subtenant shall enter into an amendment rentable square foot basis to this Sublease the Expansion Space. (2) Tenant's share of the Operating Expenses will be increased to add reflect the addition of the Expansion Space to the definition of "Sublease Premises". In addition, the following terms . (3) Tenant shall be included in 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 amendment: (i) The commencement date Tenant Improvement Allowance over 48 months versus 60 months. For example, if the cost of the Tenant Improvements for the Expansion Space 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 interest or rights in the Expansion Space Delivery Date (as defined below); (ii) Subtenant's Proportionate Share shall be increased and shall, upon request, execute documentation confirming such expiration. Time is expressly of the essence with regard to 100%. (iii) the Base Rent applicable to exercise of 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 set forth hereinOption.

Appears in 1 contract

Sources: Office Lease (Accredited Home Lenders Holding Co)

Expansion Option. So long (a) At any time prior to October 31, 2012, Tenant shall have the option (the “Expansion Option”) to lease the approximately 5,366 rentable square feet of space in the Building currently known as Silicon Energy is Suite 6233 (the Subtenant hereunder as “Expansion Space”) in its entirety by providing Landlord written notice (the “Expansion Notice”) from Tenant of the exercise of its exercise of the option granted herein, and subject to the conditions set forth below, Subtenant shall have one option to lease from Wind River (the "Expansion Option"), the remainder of the Master Premises (the "Expansion Space") on the same terms and conditions set forth in this Sublease for the sublease of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and 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 enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendmentif: (i) Tenant is not in default under the Lease, as amended hereby, beyond any applicable cure periods at the time that Landlord receives the Expansion Notice; and (ii) No part of the Premises is sublet at the time Landlord receives the Expansion Notice; and (iii) The commencement Lease has not been assigned prior to the date that Landlord receives the Expansion Notice. (b) If Tenant is entitled to and properly exercises its Expansion Option, Tenant shall 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 Lease, as amended hereby. Tenant shall pay Additional Rent and other sums for the Expansion Space Delivery Date (as defined below); (ii) Subtenant's Proportionate Share shall be increased to 100%in accordance with the terms of the Lease. (iiic) The Expansion Space (including improvements and personalty, if any) shall be accepted by Tenant in its “as-built” condition and configuration existing on the Base Rent applicable to earlier of the date Tenant takes possession of the Expansion Space shall be or as of the same as the then applicable Base Rent for the Premises; and (iv) date the term for the Expansion Space commences. The term for the 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 the Lease, on the expiration of the Term of the Lease, 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 same as Premises, subject to all the Term terms and conditions of the Lease, except that no allowances, credits, abatements or other concessions (if any) set forth hereinin the Lease for the current Premises shall apply to the Expansion Space. (d) If Tenant 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 shall be fully effective whether or not the Expansion Amendment is executed. The Expansion Option granted herein shall terminate upon November 1, 2012 and if Tenant fails to timely deliver the Expansion Notice, Tenant’s exercise of the Expansion Option shall be 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. So long as Silicon Energy 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 Subtenant hereunder as of its exercise last day of the option granted herein45th Lease Month, subject to existing rights of other tenants of the Building and subject to the conditions set forth belowavailability, Subtenant Tenant shall have one the option to lease from Wind River (expand the "Expansion Option"), the remainder of the Master Premises (the "Expansion Space") on the same terms and conditions set forth in this Sublease for the sublease of the Sublease PremisesOption”), as provided Subtenant notified Wind River in writing of herein. Tenant may exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained hereinOption, if Subtenant is at all, by giving Landlord written notice (“Expansion Notice”) specifying the approximate number of additional square feet in default under any of the terms, covenants or conditions of this Sublease at Building that Tenant desires to lease. In the time Subtenant event that Tenant exercises the Expansion Option, Wind River the “Expansion Space” shall have, be at a location in addition to all of Wind River's other rights the Building agreed upon by Landlord and remedies provided in this Sublease, the right to terminate the Expansion Option upon notice to Subtenant. (a) Tenant. In the event Subtenant that Tenant timely exercises the Expansion Option in a timely fashion, Wind River and Subtenant shall enter into an amendment to this Sublease to add the location of the Expansion Space to is agreed upon by Landlord and Tenant, then thirty (30) days after Tenant's exercise (the definition of "Sublease Premises". In addition“Expansion Space Commencement Date”), the following terms shall be included in such amendment: (i) The commencement date for the Expansion Space shall be 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 a fraction, the numerator of which shall be the number of days between the Expansion Space Delivery 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”). Tenant shall accept the Expansion Space “as defined below); 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 shall execute an amendment to this Lease confirming the increase in the square footage of the Premises and all matters incident thereto (ii) Subtenantsuch as an increase in Tenant's Proportionate Share shall be increased to 100%. (iii) the and Base Rent applicable 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 accommodate Tenant's exercise of its Expansion Option, then Landlord shall build a Building standard multi-tenant corridor (including without limitation construction of a demising wall and separation of the corridor from electrical, fire/life safety, HVAC, and other systems serving the Premises). The cost of such demising work shall be borne equally by Landlord and Tenant, provided that Tenant may use the same as construction allowance to pay for Tenant's share of such work. Furthermore, Tenant (and not Landlord) shall be responsible for drywall and finish on the then applicable Base Rent for side of the corridor located within the Premises; and (iv) the term for the Expansion Space shall be the same as the Term set forth herein.

Appears in 1 contract

Sources: Office Lease Agreement (Wells Real Estate Fund Xi L P)

Expansion Option. So long as Silicon Energy is Tenant shall have the Subtenant hereunder as option (“Expansion Option”) at any time during the period beginning on the date of its exercise full execution of this Lease and ending at 5:00 p.m. on November 1, 1999 (“Expansion Period”), to expand the Premises to include all or any portion of the option granted hereinspace located on the thirtieth (30th) floor of the Project as shown on the attached Exhibit A-l (collectively, “Expansion Space”) as follows A. To exercise the Expansion Option, Tenant shall give Landlord written notice of exercise (“Tenant’s Exercise Notice”) during the Expansion Period identifying the location and approximate rentable square feet of the portion of the Expansion Space to be provided (“Subject Expansion Space”). The exact location and size of the Subject Expansion Space shall be 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’s Exercise Notice. B. If Tenant exercises the Expansion Option, 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 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 conditions set forth belowsame increases as provided in said Section 4; and (b) Tenant’s Proportionate Share pursuant to Section 2 of this Lease shall be adjusted appropriately to take into account the rentable square feet in the Subject Expansion Space, Subtenant and Operating Cost Rent shall have one option 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 lease from Wind River 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 Option")Space, minus (b) $0. 12 per rentable square feet in the remainder Subject Expansion Space for each month of the Master Premises (Term that has expired as of the "Expansion Space") Delivery Date. The Tenant Finish Allowance shall be payable on the same terms and conditions set forth 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” shall be deemed to refer to and include the Subject Expansion Space, except as expressly provided otherwise in this Sublease for the sublease Lease. C. In case of the Sublease Premises, provided Subtenant notified Wind River in writing of a partial exercise of the Expansion Option, the Expansion Option prior shall continue with respect to December 31any remaining portion of the Expansion Space until the end of the Expansion Period, 2000. Notwithstanding anything at which time the Expansion Option shall automatically terminate. D. Tenant’s right to exercise the Expansion Option is subject to the contrary contained hereincondition that, if Subtenant 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, covenants terms or conditions of this Sublease at Lease. Further, the time Subtenant exercises Expansion Option shall automatically terminate upon the earliest to occur of (1) the expiration or termination of this Lease; (2) the termination of Tenant’s right to possession of the Premises; (3) the assignment of this Lease by Tenant or the sublease by Tenant of all or any part of the Premises except to a Tenant Affiliate as defined in Section 34 below; or (4) the expiration of the 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 Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and 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 enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendment: (i) The commencement date for the Expansion Space shall 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 set forth herein.

Appears in 1 contract

Sources: Assignment and Assumption of Leases (Quest Resource Corp)

Expansion Option. So long a. Provided that this Lease is in full force and effect, Tenant shall have the exclusive option, to be exercised by notice (the “Election Notice”) as Silicon Energy is the Subtenant hereunder hereinafter provided, to include in this Lease for one (1) year as of its exercise part of the option granted hereinLeased Premises, (i) that eastern portion of the third (3rd) f1oor of the Building which is presently vacant and does not include the Leased Premises, and subject to contains approximately 15,000 rentable square feet as shown on Exhibit B-2 (the conditions set forth below, Subtenant “Entire East Side”).Tenant shall have one the exclusive option to lease the Expansion Space, as of a delivery date to be mutually agreed upon by the parties, but not greater than ninety (90) days from Wind River (the "Expansion Option"), the remainder date of the Master Premises (the "Expansion Space") on the same terms Election Notice. b. Any Election Notice shall be irrevocable upon delivery and conditions set forth in this Sublease for the sublease time shall be of the Sublease Premises, provided Subtenant notified Wind River essence in writing of connection with the exercise of the Expansion Option prior hereunder. If Tenant does not elect to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and 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 enter into an amendment to this Sublease to add include the Expansion Space as part of the Leased Premises within one (1) year of the Lease Commencement Date, Tenant shall be deemed to have waived its expansion rights with respect to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendment:Expansion Space. (i) c. The commencement date Minimum Annual Rent for the Expansion Space shall be 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 Space Delivery Date (as defined below); (ii) Subtenant's Proportionate Share shall be increased to 100%. (iii) the Base Rent applicable to Option, the Expansion Space shall be automatically become part of the same 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 expansion Space as part of the then applicable Base Rent Leased Premises for the Premises; and (iv) remainder of the term for Term, the Expansion Space shall be increase of the same as the Term set forth hereinMinimum Annual Rent and additional rental.

Appears in 1 contract

Sources: Lease Agreement (CONTRAFECT Corp)

Expansion Option. So long as Silicon Energy is the Subtenant hereunder as of its exercise of Tenant shall have the option granted herein, and subject to the conditions set forth below, Subtenant shall have one option to lease from Wind River expand (the "Expansion Option"), ) the remainder square footage of the Master 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") on the same terms and conditions set forth in this Sublease for the sublease of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise of ----------- that the Expansion Option prior to December 31Space actually leased, 2000. Notwithstanding anything if any, shall be in whole floor increments and must be contiguous to the contrary contained herein, if Subtenant is in default under Initial Premises. Tenant's Expansion Option shall be personal to Tenant and may not be exercised by any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises Transferee without ▇▇▇▇▇▇▇▇'s prior written consent. If Tenant wishes to exercise the Expansion Option, Wind River Tenant shall havenotify Landlord in writing by April 30, in addition to all 2000 (the "Notification Date"). Tenant's notice shall not be revocable and must specify how many floors of Wind River's other rights and remedies provided in this Sublease, the right to terminate the Expansion Option upon notice to Subtenant. (a) In Space will be included in the event Subtenant Premises. If Tenant timely exercises the Expansion Option in a timely fashion, Wind River and Subtenant shall enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms described in Tenant's notice shall be included in 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 amendment: (i) The commencement date for the Expansion Space shall be the Expansion Space Delivery Date (as defined below); (ii) Subtenant's Proportionate Share shall be increased to 100%. (iii) the Space, except that Base Rent applicable to the Expansion Space shall be as set forth in the same as Basic Lease Information Sheet. If Tenant exercises the Expansion Option on all of the Expansion Space prior to the Notification Date then applicable the Base Rent for the Premises; and (iv) entire Premises shall be adjusted as set forth in the term for 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 time during which Tenant is in default under this Lease. If Tenant does not deliver a notice to Landlord exercising the Expansion Option on or before the Notification Date, Tenant's Expansion Option shall terminate and shall be of no further force and effect. If Tenant exercises its Expansion Option then Tenant shall include the same as 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 Term set forth hereinExpansion Space to Tenant with the balance of the Initial Premises.

Appears in 1 contract

Sources: Office Building Lease (Homegrocer Com Inc)

Expansion Option. So long as Silicon Energy Provided that Tenant is the Subtenant hereunder as of its exercise of not in default hereunder, Tenant shall have the option granted herein, and subject at any time during the first eighteen (18) months of occupancy (the “Option Period”) to expand the Rentable Area in the Premises to include approximately 3,000 rentable square feet of additional space that is adjacent to the conditions set forth below, Subtenant shall have one option to lease from Wind River (the "Expansion Option"), the remainder of the Master Premises (the "Expansion “Additional Space") on the same terms and conditions as set forth in this Sublease Lease (the “Expansion Option”). Landlord shall not market the Additional Space during the Option Period in exchange for Tenant’s paying to Landlord the sublease annual sum of $7.00 per rentable square foot of area in the Additional Space (the “Option Period Fee”), with such sum to be paid in equal monthly installments for each month of the Sublease PremisesOption Period in which Tenant has not exercised its Expansion Option or until Tenant elects not to exercise the Expansion Option by written notice to Landlord. Tenant shall pay such monthly installment of the Option Period Fee with Tenant’s monthly payment of Base Rent as set forth herein. In the event Tenant wishes to exercise its Expansion Option during the Option Period, provided Subtenant notified Wind River in writing Tenant shall provide Landlord with written notice of its intention to exercise the Expansion Option. Within ten (10) days of Landlord’s receipt of Tenant’s exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River Landlord and Tenant shall have, in addition to all of Wind River's other rights and 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 enter into execute an amendment to this Sublease Lease confirming the square footage of the Premises as expanded and Base Rent as increased, by the Additional Space and including any other such details that Landlord deems reasonably necessary, which do not materially alter the terms of this Lease except as otherwise provided herein. Landlord shall provide Tenant the services set forth in Section 3.1 with respect to add the Additional Space, the cost of which shall be borne by Landlord and shall be equal to the per square footage construction costs for the Turnkey Upfit prorated by dividing such per square footage construction costs by a fraction the numerator of which is the number of months remaining in the Term when Tenant exercised its Expansion Option and the denominator of which shall be sixty-five (65) (number of months in the Term). Landlord shall configure the Additional Space so that it has connectivity with the Premises upon Landlord’s delivering the Additional Space to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendment: (i) The commencement date for the Expansion Space shall be the Expansion Space Delivery Date (as defined below); (ii) Subtenant's Proportionate Share shall be increased to 100%Tenant. (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 set forth herein.

Appears in 1 contract

Sources: Lease Agreement (Chelsea Therapeutics International, Ltd.)

Expansion Option. So long Article 42 and Exhibit F of the Lease are hereby deleted in their entirety and the following is substituted in their place: EXPANSION OPTION. Provided Tenant is not then in default under the terms, covenants and conditions of the Lease, Tenant shall have the right to lease approximately four thousand six hundred (4,600) rentable square feet on the seventh floor of the Building as Silicon Energy is shown on Exhibit A hereto (as the Subtenant hereunder as “Second Expansion Premises”) provided Tenant gives written notice to Landlord on or before January 1, 2013 of its exercise of its right to lease the option granted hereinSecond Expansion Premises effective August 1, 2013. If Tenant exercises its right to lease hereunder the Second Expansion Premises, effective August 1, 2013, the Second Expansion Premises shall automatically be included within the Premises and subject to all the conditions set forth below, Subtenant shall have one option to lease from Wind River (the "Expansion Option"), the remainder of the Master Premises (the "Expansion Space") on the same terms and conditions set forth in this Sublease for the sublease of the Sublease PremisesLease, provided Subtenant notified Wind River in writing of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and remedies provided in this Sublease, the right to terminate the Expansion Option upon notice to Subtenant.except as follows: (a) In Tenant’s Proportionate Share for the event Subtenant exercises the Second Expansion Option in a timely fashion, Wind River and Subtenant shall enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms Premises shall be included in such amendment:1.43%, and the Base Year for Expenses, Insurance shall be the Calendar Year 2014and for Taxes shall be the Fiscal Year 2014 for the Second Expansion Premises (ib) Such space shall be leased on an “as is” basis and Landlord shall have no obligation to improve the space but shall grant to Tenant a fair market tenant improvement allowance. (c) The commencement date length of the term shall be co-terminus with the Term under this Lease and the Annual Rent and Monthly Installment of Rent for the Expansion Space Premises shall be the Expansion Space Delivery Date (then current fair market rental for comparable space in the Building and in other similar buildings in the same rental market as defined below); (ii) Subtenant's Proportionate Share shall be increased to 100%determined under Article 40. (iiid) the Base Rent applicable to the Expansion Space shall be the same as The Security Deposit requirement and allocation of parking passes at the then applicable Base Rent for the Premises; andmonthly fee shall be proportionately increased. (ive) If requested by Landlord, Tenant shall, prior to the beginning of the term for the Second Expansion Space shall be Premises, execute a written memorandum confirming the same as inclusion of the Term set forth hereinSecond Expansion Premises and the Annual Rent and Monthly Installment of Rent.

Appears in 1 contract

Sources: Lease (Art Technology Group Inc)

Expansion Option. So long The following Expansion Option shall apply to ---------------- the Additional Space: Subject to Subsection 7C below, Tenant may at its option expand the Additional Space as Silicon Energy is described below for the Subtenant hereunder 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 delivered "As Is"; Landlord shall have no obligation to perform any construction in such space or to contribute to the cost of its exercise 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 option granted herein, and subject Building located adjacent to the conditions set forth below, Subtenant shall have one option to lease from Wind River (the "Expansion Option"), the remainder of the Master Premises Additional Space (the "Expansion Space") on at any time during the same terms and conditions set forth in this Sublease for the sublease --------------- first year of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise of the Expansion Option Additional Space Term upon three (3) months prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and remedies provided in this Sublease, the right to terminate the Expansion Option upon written notice to Subtenant. (a) In the event Subtenant exercises the Expansion Option in a timely fashion, Wind River and Subtenant shall enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises"Landlord. In addition, the following terms shall be included in such amendment: (i) The commencement date initial Base Rent for the Expansion Space shall be $17.26 per rentable square foot which shall be increased annually as provided in the Section 4 hereof. The Expansion Space shall become a part of the Additional Space for all purposes of the Lease and this Amendment. B. If Tenant fails to deliver notice to Landlord within the required time period, Tenant will be deemed to have waived such option to expand. Promptly after Tenant's exercise of its expansion option, Landlord shall execute and deliver to Tenant an amendment to the Lease 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 Expansion Space. Within 15 days thereafter, Tenant shall execute, review and return the amendment. C. Tenant's option to expand the Additional Space Delivery Date is subject to the conditions that: (as defined below); i) no existing tenant in the Building has any rights to the Expansion Space, (ii) Subtenant's Proportionate Share shall be increased on the date that Tenant delivers its notice exercising its option to 100%. 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 Base Rent applicable to Lease or sublet any portion of the Expansion Premises or Additional Space shall be under a sublease which is effective at any time during the same as final 9 months of the then applicable Base Rent for the Premises; and (iv) the term for the Expansion Additional Space shall be the same as the Term set forth hereinTerm.

Appears in 1 contract

Sources: Lease (Focal Communications Corp)

Expansion Option. So long as Silicon Energy A. Provided Tenant is not in default hereunder beyond the Subtenant hereunder as giving of its exercise 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 option granted hereinfirst (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, and Tenant’s Expansion Option is subject to the conditions set forth belowsuperior rights of the following current tenants in the Building: ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇, Subtenant Marsulex Environmental Technologies, and Ikaria, Inc. B. Tenant shall have one option to lease from Wind River (the "Expansion Option"), the remainder of the Master Premises (the "Expansion Space") on the same terms and conditions set forth in this Sublease for the sublease of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and remedies provided in this Sublease, the right to terminate the Expansion Option upon given written notice to Subtenant. (a) In the event Subtenant exercises Landlord of its intent to exercise the Expansion Option in a timely fashionaccordance with Section 17.1 above (the “Expansion Intent Letter”), Wind River and Subtenant which Expansion Intent Letter shall enter into an amendment have been received by Landlord not less than thirty (30) days prior to this Sublease the date Tenant wishes to add occupy the Expansion Space to within the definition 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 "Sublease Premises". In additionthis Section, the following terms this Lease shall be included amended to include the Expansion Premises upon all the terms, covenants, and conditions contained in such amendment: the Lease, except that (i) The commencement date the Base Rent payable for the Expansion Space shall be equal to the then escalated rent under this Lease at the time Tenant takes possession of the Expansion Space Delivery Date (as defined below); Space, and (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 and the Premises shall be extended for a term of five (5) years from the same date Tenant takes possession of the Expansion Space. D. Notwithstanding the provisions of the Section 19.27(B) above, in the event Tenant exercises the first Renewal Option, the Renewal Rental Rate for the Expansion Space and the Premises shall be equal to the then escalated rent under this Lease as of the Term set forth hereincommencement of the first Renewal Term, which rate shall escalate at the rate of $0.50 per annum.

Appears in 1 contract

Sources: Lease Agreement (Celldex Therapeutics, Inc.)

Expansion Option. So (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 Premises, Tenant shall have the right and option to lease the space in the Building adjoining the Premises, consisting of approximately 17,292 rentable square 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 renewal. (i) For so long as Silicon Energy the Expansion Premises is the Subtenant hereunder as of its exercise of the option granted herein, and subject to the conditions set forth belowlease 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)), Subtenant Tenant shall have one an option to lease from Wind River (the "Expansion Option")Premises by providing written notice to Landlord, in which event the remainder of the Master Premises (the "Expansion Space") on the same terms and conditions set forth in this Sublease for the sublease of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise lease of the Expansion Option 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”) does not exercise the renewal option for the period April 1, 2008, through March 31, 2010, Landlord shall provide a “notice of availability” to Tenant and Tenant shall have a period of fifteen (15) business days in which to lease the Expansion Premises by providing written notice to Landlord. If Tenant exercises this expansion option, the lease of the Expansion Premises shall commence upon the expiration of the Existing Lease. (iii) If the Existing Tenant does exercise the renewal option for the period April 1, 2008 through March 31, 2010, Tenant shall have an option to lease the Expansion Premises by providing written notice to Landlord not less than six (6) months prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any expiration of the termsExisting Lease renewal term. If Tenant exercises this expansion option, covenants or conditions the lease of this Sublease at the time Subtenant exercises the Expansion OptionPremises 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), Wind River (ii) or (iii), as applicable, and shall haveend 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 all Existing Tenant’s personal property. Landlord shall deliver possession of Wind River's other rights and remedies provided in this Sublease, the right to terminate the Expansion Option upon notice Premises to Subtenant. (a) In Tenant in broom clean condition, free and clear of all personal property of the event Subtenant exercises Existing Tenant. Minimum Annual Rent shall be payable for the Expansion Option in a timely fashionPremises 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, Wind River and Subtenant shall enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In additionhowever, the following terms shall be included in such amendmentthat: (i) The commencement date for If the Lease of the Expansion Space 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 the Expansion Space Delivery Date (as defined below);$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) Subtenant's Proportionate Share shall be increased to 100%. If Existing Tenant exercises its one renewal option for twenty-four (iii24) months, and if the Base Rent applicable to Lease of the Expansion Space shall be Premises commences during the same as the then applicable Base Rent for the Premises; and (iv) the term period: * The end of each Lease Year for the Expansion Space Premises shall be correspond with the same as end of each Lease Year for the Term set forth hereininitial Premises.

Appears in 1 contract

Sources: Lease Agreement (Novavax Inc)

Expansion Option. So long as Silicon Energy is the Subtenant hereunder as of its exercise of the option granted herein, and subject to the conditions set forth below, Subtenant Tenant shall have one option the right to lease from Wind River Landlord additional space on the first floor of the Building consisting of approximately 10,000 rentable square feet of space (in a single block of space) to be designated by Landlord (the "First Floor Expansion OptionSpace"), provided that (i) on or before the remainder date that is one hundred twenty (120) days after the Commencement Date for the Phase I Premises, Tenant shall give Landlord written notice of its election to lease the Master Premises (the "First Floor Expansion Space", and (ii) on the same terms and conditions set forth in this Sublease for the sublease of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises of such notice and on the Commencement Date for the First Floor Expansion OptionSpace, Wind River 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 rights under this Section 2.5 shall haveexpire and be of no further force and effect. Upon receipt of any such notice, in addition to all of Wind River's other rights Landlord and remedies provided in this Sublease, ▇▇▇▇▇▇ will prepare plans for 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 enter into an amendment to this Sublease to add the First Floor Expansion Space to and Landlord shall improve the definition of "Sublease Premises"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. In addition, the following terms shall be included in such amendment: (i) The commencement date 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 Delivery Date (is Ready for Occupancy, as such term is defined below); in Section 2.2, or (ii) Subtenant's Proportionate Share shall be increased the date on which Tenant begins to 100%. (iii) conduct business operations in any portion of the Base Rent applicable to First Floor Expansion Space. Upon the Commencement Date for the First Floor Expansion Space, the First Floor Expansion Space shall will be the same included as the then applicable Base Rent for part of the Premises; and (iv) , and the term for Tenant's Percentage, Base Rent, Rentable Square Feet in the Expansion Space shall Premises and Tenant's Parking Spaces will be the same as the Term set forth hereinappropriately increased.

Appears in 1 contract

Sources: Office Lease (Axent Technologies Inc)