Expansion Space Clause Samples
The Expansion Space clause grants a tenant the right to lease additional space within a property, typically under pre-negotiated terms. This clause outlines the conditions under which the tenant can exercise this right, such as the timing, size, and location of the expansion space, and may specify how rent for the new space will be calculated. Its core practical function is to provide tenants with flexibility to grow their operations without relocating, while giving landlords a clear process for accommodating such growth.
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Expansion Space. As used in this paragraph, the term “Expansion Space” means any space in the Building which, at any time during the Lease Term, is occupied by a Person other than Landlord under a written lease with Landlord, and the term “Tenant’s Expansion Space” means Expansion Space which Tenant has elected to lease as provided in this paragraph. Landlord agrees to notify Tenant promptly after Landlord learns that any Expansion Space is or will become available. Subject to the prior rights of other tenants to whom Landlord has granted substantially similar rights, Tenant has the option to lease any Expansion Space which Landlord notifies Tenant is or will become available. If Tenant gives Landlord notice of its exercise of this option within thirty (30) days after notification from Landlord of the availability of the Expansion Space and if no Event of Default exists when Tenant’s notice is given, this Lease will be deemed to be amended to include Tenant’s Expansion Space as part of the Premises for the remainder of the Lease Term upon all of the same terms contained in this Lease except that (i) the Rentable Area of the Premises will be amended to include Tenant’s Expansion Space; (ii) Tenant’s Share will be increased to include the rentable area of Tenant’s Expansion Space; (iii) the Term Commencement Date with respect to Tenant’s Expansion Space will be the earlier of sixty (60) days after the date on which Tenant’s Expansion Space becomes vacant and ready for occupancy (provided that date is at least sixty (60) days after Tenant exercises its option to lease the Expansion Space), or the date on which the Expansion Space is first occupied by Tenant; (iv) if Tenant’s Expansion Space contains a rentable area of 10,000 square feet or more, and if there are less than three (3) Lease Years remaining in the Lease Term, the Lease Term will be extended to include three (3) full years from the Term Commencement Date with respect to Tenant’s Expansion Space; and (v) subject to adjustment during each Fixed Rental Period as provided in Exhibit E, Basic Rent for each year of the remaining Lease Term (as it may be extended) will be the greater of (a) the Basic Rent last paid by the Person most recently occupying Tenant’s Expansion Space or (b) Market Rent determined as provided in the Rent Rider attached as Exhibit E. If Tenant exercises this option, Tenant’s Expansion Space will be leased to Tenant in its “as is” condition and Tenant will, at its expense and in compliance with th...
Expansion Space. Landlord hereby grants to the originally named Tenant herein (“Original Tenant”) and any “Permitted Transferee Assignee,” as that term is defined in Section 14.8, below, the right to lease the Expansion Space, as set forth in Section 2.5 of the Summary above, upon the terms and conditions set forth in this Section 1.3 and this Lease.
Expansion Space. That certain space located on the second --------------- (2nd) floor of the Building consisting of 1,662 rentable square feet, as outlined on the floor plan attached hereto as Exhibit "A" and made a part hereof, may be referred to herein as the "Expansion Space," Effective as of the date ("Expansion Commencement Date") which is the earlier to occur of (a) the date Tenant commences business operations in the Expansion Space, or (b) the date of "Substantial Completion" of the "Tenant Improvements" (as those terms are defined in the Tenant Work Letter attached hereto as Exhibit "B") in the Expansion Space, Tenant shall lease from Landlord the Expansion Space. Accordingly, effective upon the Expansion Commencement Date, the Existing Premises shall for all purposes relating to the Lease include the Expansion Space, Landlord and Tenant hereby agree that such addition of the Expansion Space to the Existing Premises shall, effective as of the Expansion Commencement Date, increase the number of rentable square feet leased by Tenant in the Building to a total of 4,084 rentable square feet. The Expansion Commencement Date is anticipated to be July 1, 2002. If Landlord does not deliver possession of the Expansion Space to Tenant on or before the anticipated Expansion Commencement Date, Landlord shall not be subject to any liability for its failure to do so, and such failure shall not affect the validity of this First Amendment nor the obligations of Tenant under the Lease as modified by this First Amendment. Effective as of the Expansion Commencement Date, all references to the "Premises" shall mean and refer to the Existing Premises as expanded by the Expansion Space.
Expansion Space. If Tenant provides to Landlord, at least 75 days before the Expansion Delivery Date, written notice identifying any leasehold improvements in the Expansion Space that Tenant does not wish to be removed before the Expansion Delivery Date, then (i) Landlord shall use commercially reasonable efforts to waive any rights it may have under the Current Suite 300 Lease to require the Current Suite 300 Tenant to perform such removal; and (ii) if any such improvement is not so removed, then, for all purposes under the Lease, such improvement shall be deemed a Tenant-Insured Improvement as to which Landlord has timely notified Tenant, pursuant to Section 8 of the Lease, that its removal shall be required pursuant to such Section 8. Landlord shall use commercially reasonable efforts, subject to the rights of the Current Suite 300 Tenant under the Current Suite 300 Lease, to schedule and perform, at least 90 days before the Expansion Delivery Date, a walk-through of the Expansion Space during which representatives of Landlord and Tenant may identify any leasehold improvements in the Expansion Space that (a) Landlord may have the right, under the Current Suite 300 Lease, to require the Current Suite 300 Tenant to remove, and (b) Tenant wishes not to be so removed.
Expansion Space. That certain space located on the third (3rd) floor of the 26672 Building currently known as Suites 300 and 305, as outlined on the floor plan attached hereto as EXHIBIT A, shall be referred to herein, collectively, as the “Expansion Space.” Landlord and Tenant hereby stipulate that the Expansion Space contains a total of 5,903 rentable square feet, which is comprised of 2,395 rentable square feet currently known as Suite 305 (“Suite 305 Portion”) and 3,508 rentable square feet currently known as Suite 300 (“Suite 300 Portion”), and such square footages are not subject to adjustment or re-measurement by Landlord or Tenant, even if the actual rentable square footage of the Expansion Space is more or less than 5,903 rentable square feet. Tenant shall lease the Expansion Space and commence to pay charges for the Expansion Space pursuant to the Lease, as hereby amended, effective as of the later of (i) April 1, 2014, or (ii) the completion of the Improvements (as that term is defined in Section 6 below), other than the Suite Configuration Work, pursuant to Section 6 below (“Expansion Commencement Date”). The addition of the Expansion Space to the Existing Premises shall, effective as of the Expansion Commencement Date, increase the number of rentable square feet leased by Tenant in the Development to a total of 121,402 rentable square feet. Effective as of the Expansion Commencement Date, all references to the “Premises” shall mean and refer to the Existing Premises as expanded by the Expansion Space.
Expansion Space. The Tenant hereby agrees to add to the Current Premises and lease from Landlord, and Landlord hereby agrees to add to the Current Premises and lease to Tenant, on the terms and conditions set forth in the Lease as modified by this Amendment, an additional Four Thousand One Hundred Fifteen (4,115) rentable square feet (“Expansion Space”) located on the second floor of the Building and depicted on Exhibit A attached hereto. Effective upon the delivery of the Expansion Space to Tenant, the term “Premises” shall mean collectively the Current Premises and the Expansion Space.
Expansion Space. Tenant hereby agrees to add to the Premises and lease from Landlord, and Landlord hereby agrees to add to the Premises and lease to Tenant, on the terms and conditions set forth in the Lease as modified by this Amendment, an additional Five Thousand Sixty Two (5,062) rentable square feet (“Expansion Space”) located on the third floor of the Building and depicted on Exhibit A attached hereto.
Expansion Space. Section 1.01 of the Lease is amended to provide as follows:
(a) Effective on the later of (i) August 1, 2007, or (ii) the date that the existing lessee vacates the “Expansion Space” (as such term is hereinafter defined) (such later date of (i) or (ii) being the “Expansion Commencement Date”), the term “Demised Premises” shall include the approximately 5,672 square feet of rentable space on the 6th floor of the Building more particularly shown on Exhibit A-1 attached hereto and made a part hereof (the “Expansion Space”). Notwithstanding the foregoing, Lessor and Lessee each acknowledge and agree that for the period commencing on the Expansion Commencement Date and continuing through December 31, 2007, the Base Rent for the Expansion Space is based on 1,746 rentable square feet at an annual rate of $33.00 per square foot, and such calculation is reflected in the Base Rent set forth in Section 2.01 below.
(b) Lessee acknowledges that the availability of the Expansion Space is conditioned upon of the prior lessee of the Expansion Space (the “Prior Tenant”) timely vacating such space as it is required to do pursuant to the terms of its lease. Lessor agrees to use its diligent efforts to cause the Expansion Commencement Date to occur on August 1, 2007. In the event that the Expansion Commencement Date has not occurred by September 1, 2007, then from September 1, 2007 until the earlier of (i) the Expansion Commencement Date, or (ii) the termination of the Lease, Lessee shall be entitled to 15.39% of the base rent due from the Prior Tenant and collected by Lessor for such period out of the base rent due from the Prior Tenant. In the event that the Expansion Commencement Date has not occurred by October 1, 2007, then Lessee shall have the right to terminate the Lease by written notice to Lessor. Notwithstanding the provisions of Section 2.01, in the event that the Expansion Commencement Date does not occur by August 1, 2007, then for the period from and after August 1, 2007 until the Expansion Commencement Date occurs, Lessee’s obligation to pay Base Rent pursuant to Section 2.01 for the Expansion Space shall be abated. The foregoing right to share in amounts collected from the Prior Tenant, right to terminate, and right to abatement of Base Rent for the Expansion Space shall be Lessee’s sole remedies in the event Lessor shall be unable to deliver the Expansion Space. Lessor and Lessee agree to execute a document identifying the exact Expansion Commencement Date wh...
Expansion Space. Tenant shall have two (2) “Expansion Space Options”, as follows:
(i) Tenant shall have a one-time option to lease from Landlord certain space on the eighth (8th) floor of the Building (“Expansion Space #1”), comprising not less than five thousand (5,000) rentable square feet and not more than seven thousand five hundred (7,500) rentable square feet, at a location contiguous to the Initial Eighth Floor Space (except as provided below), as such Expansion Space #1 is reasonably designated by Landlord, which space (A) shall have a demising wall which connects the corridor wall in the Common Areas of the floor on which Expansion Space #1 is located to a mullion in a straight line, except for a deviation of not to exceed ten feet (10’) and (B) shall result in the remainder of the space located on the floor on which Expansion Space #1 is located and which is not then leased by Tenant being in marketable condition; provided, however, that in the event that Tenant does not lease all or any portion of the Initial Eighth Floor Space and Tenant does not lease all space on the Seventh (7th) floor of the Building, then Expansion Space #1 shall be all space on the seventh (7th) floor of the Building which is not leased by Tenant (even if such Expansion Space #1 is less than five thousand (5,000) rentable square feet) or, if at such time no rentable square footage is available for Expansion Space #1 on the seventh (7th) floor of the Building, then Landlord shall reasonably designate space on the eighth (8th) floor of the Building as Expansion Space #1 in accordance with the foregoing criteria. Expansion Space #1, if and when so leased by Tenant, shall become part of the Premises and shall be subject to the terms and conditions of this Lease, except as set forth in this Section 41; and
(ii) Tenant shall have a one-time option to lease from Landlord certain space on the eighth (8th) floor of the Building (“Expansion Space #2”), comprising not less than five thousand (5,000) rentable square feet and not more than seven thousand five hundred (7,500) rentable square feet on the eighth (8th) floor of the Building, which Expansion Space #2 shall be contiguous (except as provided below) to Tenant’s portion of the Premises then located on the eighth (8th) floor of the Building, which Expansion Space #2 shall be in a location reasonably designated by Landlord, which space (A) shall have a demising wall which connects the corridor wall in the Common Areas of the floor on which Expan...
Expansion Space. In the event that Tenant’s Initial Improvement Work are damaged by any cause during the course of the construction thereof, Tenant shall immediately repair the same at Tenant’s sole cost and expense. The Contractor shall maintain all of the foregoing insurance coverage in force until Tenant’s Initial Improvement Work are fully completed and accepted by Landlord, except for any Products and Completed Operation Coverage insurance required by Landlord, which is to be maintained for ten (10) years following completion of the work and acceptance by Landlord and Tenant. All policies carried under this Paragraph 8 shall insure Landlord and Tenant, as their interests may appear, as well as the Contractor. All insurance, except Workers’ Compensation, maintained by the Contractor shall preclude subrogation claims by the Insurer against anyone insured thereunder. Such insurance shall provide that it is primary insurance as respects the owner and that any other insurance maintained by owner is excess and noncontributing with the Insurance required hereunder.