Expansion. (a) In order to exercise this option, Tenant must so notify Landlord, in writing, on or before the last day of the ninth (9th) full month of the Term, time being of the essence. (b) Landlord shall deliver vacant possession of the Expansion Space to Tenant upon receipt of Tenant's exercise notice, and Tenant shall accept the Expansion Space in a strictly "as is" condition, except that Landlord shall be responsible for removing or demolishing the built-in equipment (but not any permanent improvements such as walls, floors and ceilings) that make up the cafeteria in the Expansion Space. (c) Tenant shall be responsible for all build-out and/or interior finish work that it shall require in the Expansion Space, which work (the "Expansion Work") shall be subject to the provisions of Article 15 hereof. (d) Landlord shall provide Tenant with an allowance of up to Thirty- Five Thousand and 00/100 Dollars ($35,000.00) toward the cost of the Expansion Work, which allowance shall be paid by Landlord to Tenant within thirty (30) days after the following has occurred: (i) Tenant has provided Landlord with a certificate of occupancy for the Expansion Space, and a certificate from Landlord's architect that the Expansion Work has been substantially completed in accordance with the plans and specifications that have been approved by Landlord; and (ii) Tenant has provided Landlord with a detailed invoice of the costs incurred. (e) The Expansion Space shall become part of the Leased Premises, and all of the terms and conditions of this Lease shall apply thereto, as of a date (the "Expansion Date") that is the earlier of (i) the date Tenant first commences business operations in the Expansion Space, or (ii) the first day of the thirteenth (13th) full month of the Term. (f) As of the Expansion Date: (i) Base Rent shall be increased by an amount equal to One Hundred Seventy-Six Thousand Two Hundred Fifty and 00/100 Dollars ($176,250.00) per year (which is based on $11.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Fourteen Thousand Six Hundred Eighty-Seven and 50/100 Dollars. ($14,687.50), pro-rated for any partial month, provided that if the Expiration Date is before the first day of the thirteenth (13th) full month of the Term, then Base Rent for the Expansion Space for the period from the Expansion Date to the first day of the thirteenth (13th) full month of the term shall be payable at the rate of One Hundred Sixteen Thousand Two Hundred Fifty and 00/100 Dollars ($116,250.00) per year (which is based on $7.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's Architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Nine Thousand Six Hundred Eighty-Seven and 50/100 Dollars ($9,687.50), pro-rated for any partial month. (ii) Tenant's Building Percentage shall be increased to reflect the number of Rentable Square Feet in the Expansion Space. (iii) Tenant shall be entitled to park an additional forty (40) cars in the Building Lot and an additional five (5) cars in the Adjacent Lot. (g) All of the terms and conditions of this Lease, except for Articles 4 and 5, shall apply to the period of time commencing on the date Landlord delivers vacant possession of the Expansion Space to Tenant and ending on the Expansion Date.
Appears in 1 contract
Expansion. (aA) Provided Tenant is neither in default at the time of exercise nor has Tenant ever incurred an Event of Default (irrespective of the fact that Tenant cured such Event of Default) of any monetary obligations during the previous three (3) years under this Lease and subject to the existing rights of other tenants within the Building, upon Tenant’s written request, Landlord shall notify Tenant with regard to rental space on the first floor of the Building (the “Expansion Space”) that is or Landlord expects to become vacant and available for lease.
(B) In order such notice Landlord shall propose to exercise Tenant the basic economic terms upon which Landlord would be prepared to entertain the negotiation of an amendment to this option, Tenant must so notify Landlord, in writing, on or before Lease with which the last day parties would add such space to the description of the ninth “Premises,” in either case for a term which would be coterminous with this Lease and which economic terms shall include the estimated date that the space shall be available for delivery and the Fixed Rent, whereupon Tenant shall have fifteen (9th15) full month days next following Landlord’s delivery of the Termsuch notice within which to accept such terms, time being of the essence.
. Should Tenant accept such terms as are specified by Landlord, the parties shall negotiate the terms of an amendment to this Lease, to memorialize their agreement. In the absence of any further agreement by the parties, such additional space shall be delivered in “AS -IS” condition, and Rent for such additional space shall commence on that date which is the earlier of: (bx) Tenant’s occupancy thereof, and (y) five (5) days after Landlord shall deliver vacant possession of the Expansion Space delivers such additional space to Tenant upon receipt free of Tenant's exercise notice, other tenants and occupants. If Tenant shall not accept Landlord’s terms within such fifteen (15) day period, or if the Expansion Space in parties shall not have executed and delivered a strictly "as is" condition, except that Landlord shall be responsible for removing or demolishing the built-in equipment (but not any permanent improvements such as walls, floors and ceilings) that make up the cafeteria in the Expansion Space.
(c) Tenant shall be responsible for all build-out and/or interior finish work that it shall require in the Expansion Space, which work (the "Expansion Work") shall be subject to the provisions of Article 15 hereof.
(d) Landlord shall provide Tenant with an allowance of up to Thirty- Five Thousand and 00/100 Dollars ($35,000.00) toward the cost of the Expansion Work, which allowance shall be paid by Landlord to Tenant mutually satisfactory lease amendment within thirty (30) days after next following (unless extended by mutual agreement of the following has occurred:
(iparties) Tenant has provided Landlord with a certificate of occupancy for the Expansion SpaceLandlord’s original notice under this Article 30, then Tenant’s rights to lease such space shall lapse and terminate, and a certificate from Landlord's architect that Landlord may, at its discretion, lease such space on such terms and conditions as Landlord shall determine. Tenant’s rights hereunder shall not include the Expansion Work has been substantially completed in accordance with the plans and specifications that have been approved by Landlord; and
(ii) Tenant has provided Landlord with a detailed invoice right to lease less than all of the costs incurredspace identified in Landlord’s notice.
(eC) The Expansion Space Nothing contained in this Article 31 is intended nor may anything herein be relied upon by Tenant as a representation by Landlord as to the availability of expansion space within the Building at any time. Tenant’s rights hereunder shall become part of continue throughout the Leased Premises, and all of the terms and conditions of this Lease shall apply thereto, as of a date Term hereof (the "Expansion Date") that is the earlier of (i) the date Tenant first commences business operations in the Expansion Space, or (ii) the first day of the thirteenth (13th) full month any extension of the Term.
) until the final three (f3) As of the Expansion Date:
(i) Base Rent shall be increased by an amount equal to One Hundred Seventy-Six Thousand Two Hundred Fifty and 00/100 Dollars ($176,250.00) per year (which is based on $11.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Fourteen Thousand Six Hundred Eighty-Seven and 50/100 Dollars. ($14,687.50), pro-rated for any partial month, provided that if the Expiration Date is before the first day of the thirteenth (13th) full month years of the Term, then Base Rent for provided that the Expansion Space for the period from the Expansion Date to the first day Tenant first-above named (or its successors by merger or consolidation) shall remain in occupancy of not less than one hundred percent (100%) of the thirteenth (13th) full month of the term shall be payable at the rate of One Hundred Sixteen Thousand Two Hundred Fifty and 00/100 Dollars ($116,250.00) per year (which is based on $7.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's Architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Nine Thousand Six Hundred Eighty-Seven and 50/100 Dollars ($9,687.50), pro-rated for any partial monthPremises originally demised hereunder.
(ii) Tenant's Building Percentage shall be increased to reflect the number of Rentable Square Feet in the Expansion Space.
(iii) Tenant shall be entitled to park an additional forty (40) cars in the Building Lot and an additional five (5) cars in the Adjacent Lot.
(g) All of the terms and conditions of this Lease, except for Articles 4 and 5, shall apply to the period of time commencing on the date Landlord delivers vacant possession of the Expansion Space to Tenant and ending on the Expansion Date.
Appears in 1 contract
Sources: Lease (Celsion CORP)
Expansion. Subject to the availability of permanent financing, during the first five years of the initial lease term and provided there are at least seven (7) years remaining in the Term of this Lease, including the time of exercise of any extension option, Tenant may one time only require Landlord to construct an addition to the Leased Premises of not less than 10,000 square feet nor more than 20,000 square feet and increase the parking by 1 space for every 200 square feet (or fraction thereof) the addition to be constructed. Tenant shall exercise the option in writing and Landlord shall cause the expansion to be completed within 270 days after such notice. The expansion shall be of substantially the same design and construction as the Leased Premises. Notwithstanding the provisions of paragraph 3 hereof granting Tenant three options to extend the term for five years each, if Tenant exercises this option to expand the Leased Premises then Tenant may either (a) In order to exercise this option, Tenant must so notify Landlord, in writing, on one or before the last day more of the ninth (9th) full month of the Term, time being of the essence.
five year options or (b) Landlord shall deliver vacant possession extend the term of the Expansion Space lease for the number of years necessary to Tenant upon receipt increase the remaining term of Tenant's the lease to seven years from the date of exercise notice, and Tenant shall accept the Expansion Space periods of the renewing options in a strictly "as is" condition, except that Landlord paragraph 3 shall be responsible adjusted so that the total option periods including those exercised previously and by this provision total 15 years. For purposes hereof, permanent financing shall be deemed available if (a) such financing shall be non-recourse and shall otherwise be on commercially reasonable terms and (b) for removing or demolishing purposes of the built-in equipment (but not any permanent improvements such as wallsfinancing, floors and ceilings) that make up the cafeteria in the Expansion Space.
(c) Tenant shall be responsible for all build-out and/or interior finish work that it shall require in the Expansion Spacecreditworthy. The annual Base Rent shall, which work (the "Expansion Work") shall be subject to the provisions of Article 15 hereof.
(d) Landlord shall provide Tenant with an allowance of up to Thirty- Five Thousand and 00/100 Dollars ($35,000.00) toward the cost upon completion of the Expansion Workexpansion space, which allowance shall be paid by Landlord to Tenant within thirty (30) days after the following has occurred:
(i) Tenant has provided Landlord with a certificate of occupancy for the Expansion Space, and a certificate from Landlord's architect that the Expansion Work has been substantially completed in accordance with the plans and specifications that have been approved by Landlord; and
(ii) Tenant has provided Landlord with a detailed invoice of the costs incurred.
(e) The Expansion Space shall become part of the Leased Premises, and all of the terms and conditions of this Lease shall apply thereto, as of a date (the "Expansion Date") that is the earlier of (i) the date Tenant first commences business operations in the Expansion Space, or (ii) the first day of the thirteenth (13th) full month of the Term.
(f) As of the Expansion Date:
(i) Base Rent shall be increased by an amount equal to One Hundred Seventy-Six Thousand Two Hundred Fifty 12.5% of the cost of construction of the expansion space and 00/100 Dollars ($176,250.00) per year (which the additional parking. Landlord may select a Contractor to Construct the expansion space, including all Tenant Improvements, and shall notify Tenant of the cost of such construction. If Tenant notifies Landlord that, in Tenant’s opinion, the cost is too high, then Tenant may obtain bids from other contractors reasonably acceptable to Landlord and Landlord shall either engage the contractor with the lowest cost or may utilize any contractor it selects but the rent increase shall be based on $11.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Fourteen Thousand Six Hundred Eighty-Seven and 50/100 Dollars. ($14,687.50), pro-rated for any partial month, provided that if the Expiration Date is before the first day of the thirteenth (13th) full month of the Term, then Base Rent for the Expansion Space for the period from the Expansion Date to the first day of the thirteenth (13th) full month of the term shall be payable at the rate of One Hundred Sixteen Thousand Two Hundred Fifty and 00/100 Dollars ($116,250.00) per year (which is based on $7.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's Architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Nine Thousand Six Hundred Eighty-Seven and 50/100 Dollars ($9,687.50), pro-rated for any partial monthlowest cost estimate.
(ii) Tenant's Building Percentage shall be increased to reflect the number of Rentable Square Feet in the Expansion Space.
(iii) Tenant shall be entitled to park an additional forty (40) cars in the Building Lot and an additional five (5) cars in the Adjacent Lot.
(g) All of the terms and conditions of this Lease, except for Articles 4 and 5, shall apply to the period of time commencing on the date Landlord delivers vacant possession of the Expansion Space to Tenant and ending on the Expansion Date.
Appears in 1 contract
Expansion. In addition to Tenant’s expansion right in Section 7 of the Fourth Amendment, Tenant shall have the following expansion right:
(a) In order Subject to existing tenant rights, and provided Tenant is neither in default at the time of exercise this option, nor has Tenant must so notify Landlord, in writing, on or before the last day ever incurred an Event of Default (irrespective of the ninth fact that Tenant cured such Event of Default) of any monetary obligations under the Lease and subject to the existing rights of other tenants within the Building, upon Tenant’s written request; and, further provided, that Tenant first-above named (9thor its successors by merger, acquisition of Tenant’s assets, or consolidation) full month shall remain in occupancy of not less than one hundred percent (100%) of the TermPremises, Landlord shall notify Tenant with regard to that certain 3,909 rentable square foot space in the Building commonly known as Suite E110 (“Expansion Space”) as shown on Exhibit “C”, attached hereto and incorporated herein, that is or Landlord expects to become vacant and available for lease.
(b) In such notice Landlord shall propose to Tenant the basic economic terms upon which Landlord would be prepared to entertain the negotiation of an amendment to the Lease with which the parties would add the Expansion Space to the description of the “Premises,” in either case for a term which would be coterminous with the Lease and which economic terms shall include the estimated date that the Expansion Space shall be available for delivery and the Fixed Rent (which shall be the Fair Market Rent (as defined below) for such space), whereupon Tenant shall have thirty (30) days next following Landlord’s delivery of such notice within which to accept such terms, time being of the essence.
(b) Landlord . Should Tenant accept such terms as are specified by Landlord, the parties shall deliver vacant possession negotiate the terms of an amendment to the Expansion Space Lease, to Tenant upon receipt memorialize their agreement. In the absence of Tenant's exercise noticeany further agreement by the parties, and Tenant such additional space shall accept the Expansion Space be delivered “AS -IS”, in a strictly "as is" good neat, orderly and broom-clean condition, except that Landlord shall be responsible for removing or demolishing the built-in equipment (but not any permanent improvements with all personal property and other tenants and occupants removed from such as walls, floors and ceilings) that make up the cafeteria in the Expansion Space.
(c) Tenant shall be responsible for all build-out and/or interior finish work that it shall require in the Expansion Space, and Rent for such additional space shall commence on that date which work is the earlier of: (the "Expansion Work"i) shall be subject to the provisions of Article 15 hereof.
Tenant’s occupancy thereof, or (dii) five (5) days after Landlord shall provide Tenant with an allowance of up to Thirty- Five Thousand and 00/100 Dollars ($35,000.00) toward the cost of the Expansion Work, which allowance shall be paid by Landlord delivers such additional space to Tenant free of other tenants and occupants. If Tenant shall not accept Landlord’s terms within such thirty (30) day period, or if the parties shall not have executed and delivered a mutually satisfactory lease amendment within thirty (30) days after the next following has occurred:
(i) Tenant has provided Landlord with a certificate of occupancy for the Expansion SpaceLandlord’s original notice under this Section, then Tenant’s rights to lease such space shall lapse and terminate, and a certificate from Landlord's architect that Landlord may, at its discretion, lease such space on such terms and conditions as Landlord shall determine. Tenant’s rights hereunder shall not include the Expansion Work has been substantially completed in accordance with the plans and specifications that have been approved by Landlord; and
(ii) Tenant has provided Landlord with a detailed invoice right to lease less than all of the costs incurredspace identified in Landlord’s notice.
(ec) The Nothing contained in this Section is intended nor may anything herein be relied upon by Tenant as a representation by Landlord as to the availability of the Expansion Space within the Building at any time. Tenant’s rights hereunder shall become part continue throughout the Term (or any extension of the Leased Premises, and all of Term) until the terms and conditions of this Lease shall apply thereto, as of a date final three (the "Expansion Date"3) that is the earlier of (i) the date Tenant first commences business operations in the Expansion Space, or (ii) the first day of the thirteenth (13th) full month years of the Term.
(fd) As For purposes of the Expansion Date:
Lease, “Fair Market Rent” shall mean the fixed rent, for comparable space, as established by Landlord or as mutually agreed by Landlord and Tenant after Landlord’s receipt of Tenant’s notice of intent to renew. Landlord shall notify Tenant of the applicable Fair Market Rent as determined by Landlord within fifteen (15) days after receipt of Tenant’s notice of intent to renew. In determining the Fair Market Rent, Landlord shall take into account applicable measurement and the loss factors, applicable lengths of lease term, differences in size of the space demised, the location of the Building and comparable buildings, amenities in the Building and comparable buildings, the ages of the Building and comparable buildings, differences in base years or stop amounts for Recognized Expenses and tax escalations and other factors normally taken into account in determining Fair Market Rent. The Fair Market Rent shall reflect the level of improvement to be made by Landlord to the space and the Recognized Expenses under the Lease. If Landlord and Tenant cannot agree on the Fair Market Rent within fifteen days of Tenant’s receipt of Landlord’s determination, the Fair Market Rent shall be established by the following procedure: (i) Base Rent Tenant and Landlord, acting reasonably and in good faith, shall be increased by an amount equal to One Hundred Seventy-Six Thousand Two Hundred Fifty and 00/100 Dollars agree on a single MAI certified appraiser who shall have a minimum of ten ($176,250.0010) per year (which is based on $11.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's architect discloses a different number of Rentable Square Feet years’ experience in real estate leasing in the Expansion Space), payable market in monthly installments of Fourteen Thousand Six Hundred Eighty-Seven and 50/100 Dollars. ($14,687.50), pro-rated for any partial month, provided that if which the Expiration Date Premises is before the first day of the thirteenth (13th) full month of the Term, then Base Rent for the Expansion Space for the period from the Expansion Date to the first day of the thirteenth (13th) full month of the term shall be payable at the rate of One Hundred Sixteen Thousand Two Hundred Fifty and 00/100 Dollars ($116,250.00) per year (which is based on $7.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's Architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Nine Thousand Six Hundred Eighty-Seven and 50/100 Dollars ($9,687.50), pro-rated for any partial month.
located; (ii) Tenant's Building Percentage Landlord and Tenant shall be increased to reflect each notify the number other (but not the appraiser), of Rentable Square Feet in its determination of such Fair Market Rent and the Expansion Space.
reasons therefor; (iii) during the next seven (7) days both Landlord and Tenant shall be entitled to park an additional forty (40) cars in the Building Lot and an additional five (5) cars in the Adjacent Lot.
(g) All prepare a written critique of the terms other’s determination and conditions of this Lease, except for Articles 4 and 5, shall apply deliver it to the period of time commencing other party; and (iv) on the date Landlord delivers vacant possession tenth (10th) day following delivery of the Expansion Space critiques to Tenant each other, Landlord’s and ending on Tenant’s determinations and critiques (as originally submitted to the Expansion Dateother party, with no modifications whatsoever) shall be submitted to the appraiser, who shall decide whether Landlord’s or Tenant’s determination of Fair Market Rent is more correct. The determinations so chosen shall be the Fair Market Rent. The appraiser shall not be empowered to choose any number other than the Landlord’s or Tenant’s. The fees of the appraiser shall be paid by the non-prevailing party.
Appears in 1 contract
Sources: Lease (Qlik Technologies Inc)
Expansion. (a) In order to exercise 46.1 Provided that this optionLease is in full force and effect and Tenant is not in default hereunder, Tenant must so notify Landlordshall have the right, in writing, by written notice to Landlord on or before the last day of the ninth (9th) full month of the TermOctober 20, 2000, time being of the essence, to lease all or a portion of the third floor of the Building that is not presently covered by this Lease or leased to ▇▇▇▇ ▇. ▇▇▇▇▇ and Company, Inc. (such balance of the third floor being shown on Schedule B attached hereto as "Expansion Area"), on the following terms and conditions:
(a) Tenant's exercise notice must specify the portion of the Expansion Area that Tenant wishes to lease. If Tenant wishes to lease less than all of the Expansion Area, then the portion thereof that Tenant does not lease must be at least 10,000 square feet. If Tenant elects to lease less than all of the Expansion Area, then Landlord shall designate the precise location and configuration of the portion of the Expansion Area that Tenant will lease, so that the portion of the Expansion Area that Tenant does not lease will be a marketable space, taking into consideration, among other things, the size, configuration and access thereto.
(b) Landlord The portion of the Expansion Area that Tenant elects to lease under this Article 46 shall deliver vacant possession be hereinafter referred to as the "Expansion Space". The Expansion Space shall be part of the Demised Premises for all purposes hereunder as of Tenant's election to lease the same and Landlord's designation of the location and configuration of the same, and, as of such date, the Rentable Area of the Demised Premises shall be increased to include the Rentable Area of the Expansion Space to Tenant upon receipt of Tenant's exercise notice, and Landlord and Tenant shall accept the Expansion Space in a strictly "as is" condition, except that Landlord shall be responsible for removing or demolishing the built-in equipment (but not any permanent improvements such as walls, floors and ceilings) that make up the cafeteria in the Expansion Space.
(c) Tenant shall be responsible for all build-out and/or interior finish work that it shall require in the Expansion Space, which work (the "Expansion Work") shall be subject promptly execute an amendment to the provisions of Article 15 hereof.
(d) Landlord shall provide Tenant with an allowance of up to Thirty- Five Thousand and 00/100 Dollars ($35,000.00) toward the cost of the Expansion Work, which allowance shall be paid by Landlord to Tenant within thirty (30) days after the following has occurred:
(i) Tenant has provided Landlord with a certificate of occupancy for the Expansion Space, and a certificate from Landlord's architect that the Expansion Work has been substantially completed in accordance with the plans and specifications that have been approved by Landlord; and
(ii) Tenant has provided Landlord with a detailed invoice of the costs incurred.
(e) The Expansion Space shall become part of the Leased Premises, and all of the terms and conditions of this Lease shall apply thereto, as of a date (to reflect the "Expansion Date") that is the earlier of (i) the date Tenant first commences business operations in the Expansion Space, or (ii) the first day of the thirteenth (13th) full month of the Term.
(f) As of the Expansion Date:
(i) Base Rent shall be increased by an amount equal to One Hundred Seventy-Six Thousand Two Hundred Fifty and 00/100 Dollars ($176,250.00) per year (which is based on $11.75 per Rentable Square Foot and shall be adjusted if the measurement inclusion of the Expansion Space by Landlord's architect discloses a different number of Rentable Square Feet in into the Expansion Space), payable in monthly installments of Fourteen Thousand Six Hundred Eighty-Seven and 50/100 Dollars. ($14,687.50), pro-rated for any partial month, provided that if the Expiration Date is before the first day of the thirteenth (13th) full month of the Term, then Base Rent for the Expansion Space for the period from the Expansion Date to the first day of the thirteenth (13th) full month of the term shall be payable at the rate of One Hundred Sixteen Thousand Two Hundred Fifty and 00/100 Dollars ($116,250.00) per year (which is based on $7.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's Architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Nine Thousand Six Hundred Eighty-Seven and 50/100 Dollars ($9,687.50), pro-rated for any partial monthDemised Premises.
(ii) Tenant's Building Percentage shall be increased to reflect the number of Rentable Square Feet in the Expansion Space.
(iii) Tenant shall be entitled to park an additional forty (40) cars in the Building Lot and an additional five (5) cars in the Adjacent Lot.
(g) All of the terms and conditions of this Lease, except for Articles 4 and 5, shall apply to the period of time commencing on the date Landlord delivers vacant possession of the Expansion Space to Tenant and ending on the Expansion Date.
Appears in 1 contract
Sources: Lease (Panamsat Corp /New/)
Expansion. Provided Tenant is not in default under this Lease and --------- provided that this Lease is in full force and effect and provided further that Tenant has not assigned this Lease, then Tenant shall have the following rights to lease, at the termination of the existing lease (aincluding, all extension options) In order to Altera Semiconductor, Inc. ("Altera"), the space in Building D presently leased to Altera. Tenant further acknowledges that Altera has an option to extend the term of its existing lease.
A. Before listing or advertising Building D to prospective tenants or purchasers, Landlord shall first notify Tenant of the availability of Building D and shall present the first offer to lease Building D to Tenant.
B. After presentation of Landlord's offer, and provided that Landlord and Tenant are unable to reach agreement, following good faith negotiations, as to the terms and conditions under which the parties would be willing to enter into a lease of Building D, Tenant shall have a right of first refusal to lease Building D as set forth herein. If Landlord proposes to lease a space in Building D (the "Available Space") to a prospective tenant and if Altera has failed to exercise any right of first refusal it may have as to the Available Space, then Landlord shall notify Tenant in writing of the following basic business terms upon which the Landlord is willing to lease such space (collectively referred to herein as the "Basic Business Terms"): (i) the description of the Available Space; (ii) the term of the Lease; (iii) the tenant improvements Landlord is willing to construct or that it will require to be constructed and the contribution Landlord is willing to make to pay for such tenant improvements; (iv) the rent for initial term or the formula to be used to determine such rent (including, if applicable) free rent, Tenant's share of taxes, assessments, operating expenses, insurance costs and the like; (v) any option or options to extend (including the rent to be charged during the extension periods); and (vi) any other material business term Landlord elects to specify.
C. If Tenant, within ten (10) business days after receipt of Landlord's notice, delivers to Landlord its written agreement to lease the Available Space on the Basic Business Terms stated in Landlord's Notice, the Landlord shall lease to Tenant and Tenant shall lease from Landlord the Available Space on the terms and conditions in Landlord's Notice (the "Second Lease") provided, however, that this optionLease shall be modified to include, and the Second Lease shall include, a cross-default provision providing that Tenant must will be in default under both the Second Lease and this Lease, if it is in default under either Lease.
D. If Tenant does not deliver to Landlord its written agreement to the Second Lease on the terms contained in Landlord's notice within said ten (10) business day period, then Landlord shall thereafter have the right to lease the Available space on the same Basic business Terms set forth in Landlord's notice and on such form of Lease, as Landlord chooses; provided, however, that Landlord may make any changes to such form of lease at the request of any prospective tenant to induce it to lease such space from Landlord so long as Landlord does not change the Basic Business Terms set forth in Landlord's notice.
E. The provisions of this paragraph shall terminate upon (i) the expiration or earlier termination of this Lease; or (ii) any assignment by Tenant of its interest in this Lease or the subletting by Tenant of substantially all of the Premises for substantially all of the remainder of the Lease Term; or (iii) as to any particular space, Tenant's failure to exercise its right of refusal granted herein as to such space at its first opportunity to do so.
F. Provided that Tenant shall have exercised its option to lease Building D, Landlord shall, at least one hundred twenty (120) days before the renewal date for the insurance carried by Landlord pursuant to Section 11.2, provide Tenant with a statement identifying the material terms of such insurance coverage, including the premiums payable, coverage limits and deductibles required. In the event that Tenant reasonably determines that Tenant can maintain such insurance at a cost to Tenant of at least five percent (5%) less than the cost to Tenant of reimbursing the cost of maintaining such coverage to Landlord, then Tenant shall be entitled to notify Landlord, in writing, on or before the last day of the ninth (9th) full month of the Term, time being of the essence.
(b) Landlord shall deliver vacant possession of the Expansion Space to Tenant upon receipt of Tenant's exercise notice, and Tenant shall accept the Expansion Space in a strictly "as is" condition, except that Landlord shall be responsible for removing or demolishing the built-in equipment (but not any permanent improvements such as walls, floors and ceilings) that make up the cafeteria in the Expansion Space.
(c) Tenant shall be responsible for all build-out and/or interior finish work that it shall require in the Expansion Space, which work (the "Expansion Work") shall be subject to the provisions of Article 15 hereof.
(d) Landlord shall provide Tenant with an allowance of up to Thirty- Five Thousand and 00/100 Dollars ($35,000.00) toward the cost of the Expansion Work, which allowance shall be paid by Landlord to Tenant within no more than thirty (30) days after the following has occurred:
(i) Tenant has provided Landlord with a certificate receipt of occupancy for the Expansion Space, and a certificate from Landlord's architect statement, that Tenant intends to maintain such insurance. Tenant shall thereafter maintain the Expansion Work has been substantially completed insurance required by Section 11.2 hereof, in accordance conformance with consistent requirements imposed from time to time by the plans and specifications that have been approved by Landlord; and
(ii) Tenant has provided Landlord with a detailed invoice holders of mortgages or deeds of trust of the costs incurred.
(e) The Expansion Space shall become part Premises, including, if required, delivery to such parties of reasonably satisfactory evidence of the Leased Premises, and all maintenance of the terms and conditions of this Lease shall apply thereto, as of a date (the "Expansion Date") that is the earlier of (i) the date Tenant first commences business operations in the Expansion Space, or (ii) the first day of the thirteenth (13th) full month of the Termsuch coverage.
(f) As of the Expansion Date:
(i) Base Rent shall be increased by an amount equal to One Hundred Seventy-Six Thousand Two Hundred Fifty and 00/100 Dollars ($176,250.00) per year (which is based on $11.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Fourteen Thousand Six Hundred Eighty-Seven and 50/100 Dollars. ($14,687.50), pro-rated for any partial month, provided that if the Expiration Date is before the first day of the thirteenth (13th) full month of the Term, then Base Rent for the Expansion Space for the period from the Expansion Date to the first day of the thirteenth (13th) full month of the term shall be payable at the rate of One Hundred Sixteen Thousand Two Hundred Fifty and 00/100 Dollars ($116,250.00) per year (which is based on $7.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's Architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Nine Thousand Six Hundred Eighty-Seven and 50/100 Dollars ($9,687.50), pro-rated for any partial month.
(ii) Tenant's Building Percentage shall be increased to reflect the number of Rentable Square Feet in the Expansion Space.
(iii) Tenant shall be entitled to park an additional forty (40) cars in the Building Lot and an additional five (5) cars in the Adjacent Lot.
(g) All of the terms and conditions of this Lease, except for Articles 4 and 5, shall apply to the period of time commencing on the date Landlord delivers vacant possession of the Expansion Space to Tenant and ending on the Expansion Date.
Appears in 1 contract
Sources: Sublease (Nvidia Corp/Ca)
Expansion. Landlord contemplates the possibility of an expansion (laterally and/or vertically) of the Shopping Center. If Landlord shall proceed as aforesaid (which Landlord shall be permitted to do), then Landlord may elect either of the following procedures:
(a) To exclude all real estate taxes on the land and buildings of said expansion area as well as all common area maintenance charges with respect to said expansion from proratable charges in which Tenant is required to participate, in which case the square footage of floor area of the buildings on the expansion area shall be excluded from the denominator in computing Tenant’s share of taxes and common area maintenance charges hereunder; or
(b) To include all real estate taxes and common area maintenance charges on the expansion area in the charges to be prorated pursuant to the terms of this lease, in which case the square footage of floor area of buildings on the expansion area shall be included in said denominator to the extent provided in Sections 7.3 and 8.3 hereof. Landlord agrees to notify Tenant as to which of the foregoing procedures Landlord elects to follow, which notice shall be sent to Tenant within a reasonable time after said expansion has been completed. In either of the foregoing events if the said expansion area includes a Major Store as aforesaid, then and in that event the minimum rent payable under this lease shall be increased, from and after the date that said Major Store shall first open for business, by ten percent (10%); and the parties agree to execute a supplemental instrument memorializing said increase and the date of its commencement. As aforesaid, as part of such an expansion, Landlord may in the future add or, to the extent then existing, expand or otherwise modify, a second level above one or more of the one-story buildings at Warwick Mall. Landlord shall be permitted so to do subject, however, to the following provisions:
(1) If any such expansion involves the addition above the demised premises and would in any manner affect the demised premises, all expenses involved in such physical aspects shall be borne by Landlord, and Tenant shall not be put to any expense by reason thereof.
(2) If entry into the demised premises is required in connection with construction work for any vertical or horizontal expansion, Landlord agrees that it will attempt to do such work within the demised premises at such times and in such manner so as to reduce to a feasible minimum the interference with Tenant’s use and occupancy of its premises. Landlord will also, in such case, attempt to box-in any working areas of the demised premises to be utilized for said work with dust-proof partitions so as to enable Tenant to continue in business to the maximum extent possible.
(3) If entry into the demised premises is required, Landlord agrees that, subject to the provisions of Section 16.3 hereof, Landlord shall be responsible for any damage to Tenant’s property which can be established by Tenant to have been caused directly by Landlord’s entry and work as aforesaid; but Landlord shall not be responsible for any consequential damages in any event.
(4) There shall be a fair and equitable abatement of minimum rent and other charges for each business day during which Tenant’s use of its premises is interfered with, due regard being given to the extent to which Tenant is required to curtail, reduce, or close down its operations by reason thereof. Furthermore, if Landlord decides to expand, remodel or reconfigure Warwick Mall (but Landlord agrees not to invoke these relocation provisions solely in order to exercise combine the demised premises with other non-Major Store premises for use by another mall store tenant) and Landlord determines that the same would require that the area in which the demised premises are located be changed in any manner, then and in that event, Landlord shall notify Tenant thereof and in such notice shall specify an effective date, if applicable in accordance with the following provisions, of a shift in location of the demised premises, which effective date shall not be sooner than ninety (90) days after the date of such notice. In such event, Landlord and Tenant shall attempt in good faith to agree upon a suitable new location (if any is available) for Tenant’s store (“New Premises”) in the original or expansion area of the mall building of the Shopping Center which New Premises are comparable in size and mall frontage to the original demised premises hereunder. If so available, Landlord shall designate such New Premises within the “footprint” of the area shown on Sheet 2 of Exhibit “A” hereto as the “Relocation Area”; and if Landlord so designates such New Premises within said Relocation Area footprint, then Tenant shall accept same and the demised premises shall be shifted into same subject to and in accordance with the following provisions of this optionsection; if Landlord shall in good faith determine that it cannot offer any available such space to Tenant within the Relocation Area, then Landlord may offer to Tenant must such New Premises (if available) in another location but Tenant shall not be required to accept a relocation into such New Premises outside of the Relocation Area. If Landlord and Tenant agree on a new location in accordance with the foregoing, they shall enter into an amendment to this lease (“Amendment”) which shall set forth the shift in location of the demised premises into the New Premises as of the aforesaid effective date. In such event: (a) this lease shall be amended by the Amendment to be for a term approximating in length the original term hereof (that is, expiring seven (7) years after the effective date of the shift into the New Premises; (b) minimum rent under this lease shall be amended by the Amendment to be at the same per square foot rate as originally set forth in this lease for the period through the original expiration date of the term set forth in Section 1.1 (the “Original Expiration Date”) and minimum rent shall be increased by $3.33 per square foot per annum every two (2) years for the balance of the term after the Original Expiration Date; (c) Tenant will remodel the New Premises and otherwise prepare to and open for business in the New Premises (subject only to force majeure delays in so notify Landlorddoing) by the aforesaid effective date of the shift, in writingaccordance with the provisions of ARTICLES III and VI of this lease (all as if the New Premises were the original demised premises and the effective date of the shift were the term commencement date); and (d) Tenant shall vacate the original demised premises and deliver possession thereof to Landlord, on or before the last day aforesaid effective date of the ninth (9th) full month shift, in the condition required as at the end of the Term, time being term hereof. In the event of such a shift in location and execution of the essence.
Amendment as specified above, Landlord agrees that if (a) Tenant shall not then be in default under this lease (and, without limitation, shall have vacated the original demised premises leaving the same in the condition required as at the end of the term, and shall have opened for business in the New Premises), and (b) Tenant shall have certified to Landlord the amount of “Tenant’s Leasehold Improvement Costs” (as defined below), and furnished Landlord with such certification and reasonable back-up (such as paid invoices and the like) as Landlord may request confirming the same not later than sixty (60) days after the original commencement date of the term of this lease, then it shall be a condition of the effectiveness of such shift in location that Landlord pay to Tenant, within thirty (30) days after satisfaction of the foregoing conditions, an amount equal to the then unamortized portion of Tenant’s Leasehold Improvement Costs, amortized on a straight-line basis over the original term of this lease. In addition, Landlord shall deliver vacant possession thereupon reimburse Tenant an amount equal to Tenant’s reasonable costs paid by Tenant to third parties (as likewise confirmed to Landlord’s reasonable satisfaction) for physically moving from the original demised premises to the New Premises Tenant’s inventory and any other personal property to be sold from or used in its operations in the New Premises. In the event that Landlord makes any such election but no agreement is reached to shift the location of the Expansion Space to Tenant upon demised premises or such Amendment is not signed within thirty (30) days after Tenant’s receipt of Tenant's exercise Landlord’s notice of its election, Landlord shall have the right to terminate this lease by giving Tenant notice of Landlord’s desire to do so prior to the execution of such Amendment. If Landlord shall give Tenant such termination notice, and Tenant this lease shall accept terminate as of the Expansion Space termination date specified in a strictly "as is" condition, except that Landlord shall be responsible for removing or demolishing the built-in equipment (but not any permanent improvements such as walls, floors and ceilings) that make up the cafeteria in the Expansion Space.
(c) Tenant shall be responsible for all build-out and/or interior finish work that it shall require in the Expansion Spacenotice, which work date shall not be sooner than sixty (60) days after the "Expansion Work") date of such notice. Such termination shall be subject to have the provisions of Article 15 hereof.
(d) Landlord shall provide Tenant with an allowance of up to Thirty- Five Thousand same force and 00/100 Dollars ($35,000.00) toward effect as if the cost date so stipulated was the date originally established as the expiration date of the Expansion Workterm hereof; provided, which allowance shall be paid by Landlord to Tenant however, that within thirty (30) days after the following has occurred:
(i) effectiveness of such termination and the execution and delivery by Tenant has provided to Landlord with of a certificate of occupancy recordable instrument satisfactory to Landlord for the Expansion Spacepurpose of confirming such termination of this lease, and a certificate from Landlord's architect that the Expansion Work has been substantially completed payment of all charges hereunder payable by Tenant and vacating by Tenant of the demised premises in accordance with the plans and specifications that have been approved by Landlord; and
(ii) Tenant has provided Landlord with a detailed invoice of the costs incurred.
(e) The Expansion Space shall become part of the Leased Premises, and all of the terms and conditions applicable provisions of this Lease lease — Landlord shall apply thereto, as of a date (the "Expansion Date") that is the earlier of (i) the date pay to Tenant first commences business operations in the Expansion Space, or (ii) the first day of the thirteenth (13th) full month of the Term.
(f) As of the Expansion Date:
(i) Base Rent shall be increased by an amount equal to One Hundred Seventy-Six Thousand Two Hundred Fifty the then unamortized portion of Tenant’s Leasehold Improvement Costs determined and 00/100 Dollars certified to Landlord within sixty ($176,250.0060) per year (which is based on $11.75 per Rentable Square Foot days after the original term commencement date, and shall be adjusted if the measurement of the Expansion Space by Landlord's architect discloses a different number of Rentable Square Feet in the Expansion Space)amortized, payable in monthly installments of Fourteen Thousand Six Hundred Eighty-Seven and 50/100 Dollarsall as aforesaid. ($14,687.50), pro-rated for any partial month, provided that if the Expiration Date is before the first day of the thirteenth (13th) full month of the Term, then Base Rent for the Expansion Space for the period from the Expansion Date to the first day of the thirteenth (13th) full month of the term shall be payable at the rate of One Hundred Sixteen Thousand Two Hundred Fifty and 00/100 Dollars ($116,250.00) per year (which is based on $7.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's Architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Nine Thousand Six Hundred Eighty-Seven and 50/100 Dollars ($9,687.50), pro-rated for any partial month.
(ii) Tenant's Building Percentage shall be increased to reflect the number of Rentable Square Feet in the Expansion Space.
(iii) Tenant shall be entitled to park an additional forty (40) cars in the Building Lot and an additional five (5) cars in the Adjacent Lot.
(g) All of the terms and conditions The foregoing provisions of this LeaseSection shall not be construed to confer upon Tenant any so-called option, right of refusal or other right, or to impose upon Landlord any obligation except for Articles 4 and 5, shall apply to the period of time commencing on the date Landlord delivers vacant possession of the Expansion Space to Tenant and ending on the Expansion Dateas expressly hereinabove set forth.
Appears in 1 contract
Sources: Lease Agreement (Nbty Inc)
Expansion. (a) In order A. It shall be a condition precedent to exercise this optionthe right of Tenant to occupy the space described below, that at the time of the initial occupancy, Tenant must so notify Landlord, shall not be in writing, on default in payment of Rent or before the last day Additional Rent hereunder or any other covenants or conditions contained herein. Any termination of the ninth (9th) full month this Lease shall terminate any right of the Term, time being of the essenceexpansion hereunder.
B. Tenant agrees to expand its occupancy to include the 10,228 square feet currently occupied by Sentry Supplement (b"Sentry Space") Landlord shall deliver vacant possession of the Expansion Space and located at 16624 N.W. 54th Avenue, Miami, Florida 33014. Tenant agrees to Tenant upon receipt of Tenant's exercise notice, and Tenant shall accept the Expansion Space in a strictly take o▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇▇ "as is" condition, except that Landlord shall be responsible for removing or demolishing condition immediately upon the built-in equipment (but not any permanent improvements such as walls, floors and ceilings) that make up the cafeteria in the Expansion Space.
(c) Tenant shall be responsible for all build-out and/or interior finish work that it shall require in the Expansion Space, which work (the "Expansion Work") shall be subject to the provisions of Article 15 hereof.
(d) Landlord shall provide Tenant with an allowance of up to Thirty- Five Thousand and 00/100 Dollars ($35,000.00) toward the cost vacating of the Expansion WorkSentry Space but in no event prior to August 1, which allowance shall be paid by Landlord to Tenant within thirty (30) days after the following has occurred:
(i) Tenant has provided Landlord with a certificate of occupancy 1995. Rent for the Expansion Space, and a certificate from Landlord's architect that the Expansion Work has been substantially completed Sentry Space will be in accordance with the plans schedules of rent described in Articles 1, 2 and specifications 38 hereof at the time of initial occupancy and thereafter.
C. Landlord agrees to not renew Sentry Supplement's Lease at the end of its current lease term, so long as Tenant is not in default of this Lease at that have been approved by Landlord; andtime.
(ii) D. Tenant has provided Landlord with a detailed invoice will increase its security deposit as described in Article 3 at the time of takeover of the costs incurredSentry Space by an amount equal to one month's total Rent plus Additional Rent as described in Articles 1 and 2 with respect to the Sentry Space.
E. Landlord agrees to give Tenant written notice 15 days prior to the availability of the Sentry Space so as to afford Tenant an opportunity to inspect the Sentry Space as to its physical condition and its environmental status. If, within said 15-day period for due diligence, Tenant shall find, as a result of such inspections, that work must be done as to the physical condition of the Sentry Space to restore it to its present "as is" condition or remedial work is required in order to remove any environmental problems affecting the Sentry Space, Tenant shall give written notice of same within said 15-day period and within 5 business days of receipt of said written notice from Tenant, Landlord shall give written notice to Tenant as to whether or not the Landlord shall restore the Sentry Space as requested in Tenant's written notice. If the Landlord refuses to restore the Sentry Space as requested, then Tenant shall not be obligated to take possession of the Sentry Space and this expansion right shall expire and be of no further force or effect; provided, however, that if the Tenant elects within 5 business days of receipt of Landlord's written notice of refusal to restore the Sentry Space to take possession of the Sentry Spare without the occurrence of such restoration, then Tenant shall be obligated to pay Rent and Additional Rent for the Sentry Space. In the event that the Landlord elects to restore the Sentry Space as requested, then the Landlord shall do such work (eat its own cost and expense) The Expansion and the Tenant shall be obligated to take possession of the Sentry Space and to pay Rent and Additional Rent for the Sentry Space commencing 5 business days after receipt of written notice of restoration from the Landlord that all such work has been completed; provided, however, if Tenant elects not to take possession of the Sentry Space, within 5 business days of receipt of such notice of restoration from the Landlord, then Tenant's rights to expand to the Sentry Space shall become part expire and be of the Leased Premisesno further force and effect, and Tenant agrees to reimburse the Landlord for all monies expended by the Landlord in connection with restoring the Sentry Space pursuant to the Tenant's request, and if Tenant fails to reimburse the Landlord said monies within 10 days of receipt of written demand for said payment, Tenant shall be in default under the terms and conditions of this Lease shall apply thereto, as of a date (the "Expansion Date") that is the earlier of (i) the date Tenant first commences business operations in the Expansion Space, or (ii) the first day of the thirteenth (13th) full month of the TermLease.
(f) As of the Expansion Date:
(i) Base Rent shall be increased by an amount equal to One Hundred Seventy-Six Thousand Two Hundred Fifty and 00/100 Dollars ($176,250.00) per year (which is based on $11.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Fourteen Thousand Six Hundred Eighty-Seven and 50/100 Dollars. ($14,687.50), pro-rated for any partial month, provided that if the Expiration Date is before the first day of the thirteenth (13th) full month of the Term, then Base Rent for the Expansion Space for the period from the Expansion Date to the first day of the thirteenth (13th) full month of the term shall be payable at the rate of One Hundred Sixteen Thousand Two Hundred Fifty and 00/100 Dollars ($116,250.00) per year (which is based on $7.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's Architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Nine Thousand Six Hundred Eighty-Seven and 50/100 Dollars ($9,687.50), pro-rated for any partial month.
(ii) Tenant's Building Percentage shall be increased to reflect the number of Rentable Square Feet in the Expansion Space.
(iii) Tenant shall be entitled to park an additional forty (40) cars in the Building Lot and an additional five (5) cars in the Adjacent Lot.
(g) All of the terms and conditions of this Lease, except for Articles 4 and 5, shall apply to the period of time commencing on the date Landlord delivers vacant possession of the Expansion Space to Tenant and ending on the Expansion Date.
Appears in 1 contract
Expansion. (a) In order to Provided Tenant is neither in default at the time of exercise this option, nor has Tenant must so notify Landlord, in writing, on or before the last day ever incurred an Event of Default (irrespective of the ninth fact that Tenant cured such Event of Default) of any monetary obligations under the Lease and subject to the existing rights of other tenants within the Building, upon Tenant’s written request, Landlord shall notify Tenant with regard to that certain 4,157 rentable square foot space in the Building commonly known as Suite E100 (9th“Expansion Space”) full month as shown on Exhibit “B”, attached hereto and made a part hereof, that is or Landlord expects to become vacant and available for lease.
(b) In such notice Landlord shall propose to Tenant the basic economic terms upon which Landlord would be prepared to entertain the negotiation of an amendment to the Lease with which the parties would add the Expansion Space to the description of the Term“Premises,” in either case for a term which would be coterminous with the Lease and which economic terms shall include the estimated date that the Expansion Space shall be available for delivery and the Fixed Rent (which shall be the Fair Market Rent for such space), whereupon Tenant shall have thirty (30) days next following Landlord’s delivery of such notice within which to accept such terms, time being of the essence.
(b) Landlord . Should Tenant accept such terms as are specified by Landlord, the parties shall deliver vacant possession negotiate the terms of an amendment to the Lease, to memorialize their agreement. In the absence of any further agreement by the parties, such additional space shall be delivered “AS -IS” in a good neat, orderly and broom-clean condition, with all personal property and other tenants and occupants removed from such Expansion Space and Rent for such additional space shall commence on that date which is the earlier of: (i) Tenant’s occupancy thereof, or (ii) five (5) days after Landlord delivers such additional space to Tenant upon receipt free of Tenant's exercise notice, other tenants and occupants. If Tenant shall not accept Landlord’s terms within such thirty (30) day period, or if the Expansion Space in parties shall not have executed and delivered a strictly "as is" condition, except that Landlord shall be responsible for removing or demolishing the built-in equipment (but not any permanent improvements such as walls, floors and ceilings) that make up the cafeteria in the Expansion Space.
(c) Tenant shall be responsible for all build-out and/or interior finish work that it shall require in the Expansion Space, which work (the "Expansion Work") shall be subject to the provisions of Article 15 hereof.
(d) Landlord shall provide Tenant with an allowance of up to Thirty- Five Thousand and 00/100 Dollars ($35,000.00) toward the cost of the Expansion Work, which allowance shall be paid by Landlord to Tenant mutually satisfactory lease amendment within thirty (30) days after the next following has occurred:
(i) Tenant has provided Landlord with a certificate of occupancy for the Expansion SpaceLandlord’s original notice under this Section, then Tenant’s rights to lease such space shall lapse and terminate, and a certificate from Landlord's architect that Landlord may, at its discretion, lease such space on such terms and conditions as Landlord shall determine. Tenant’s rights hereunder shall not include the Expansion Work has been substantially completed in accordance with the plans and specifications that have been approved by Landlord; and
(ii) Tenant has provided Landlord with a detailed invoice right to lease less than all of the costs incurredspace identified in Landlord’s notice.
(ec) The Expansion Space shall become part of Nothing contained in this Section is intended nor may anything herein be relied upon by Tenant as a representation by Landlord as to the Leased Premises, and all of the terms and conditions of this Lease shall apply thereto, as of a date (the "Expansion Date") that is the earlier of (i) the date Tenant first commences business operations in the Expansion Space, or (ii) the first day of the thirteenth (13th) full month of the Term.
(f) As of the Expansion Date:
(i) Base Rent shall be increased by an amount equal to One Hundred Seventy-Six Thousand Two Hundred Fifty and 00/100 Dollars ($176,250.00) per year (which is based on $11.75 per Rentable Square Foot and shall be adjusted if the measurement availability of the Expansion Space by Landlord's architect discloses a different number of Rentable Square Feet in within the Expansion Space), payable in monthly installments of Fourteen Thousand Six Hundred Eighty-Seven and 50/100 DollarsBuilding at any time. Tenant’s rights hereunder shall continue throughout the Term ($14,687.50), pro-rated for or any partial month, provided that if the Expiration Date is before the first day extension of the thirteenth Term) until the final three (13th3) full month years of the Term, then Base Rent for the Expansion Space for the period from the Expansion Date to the first day provided that Tenant first-above named (or its successors by merger or consolidation) shall remain in occupancy of not less than one hundred percent (100%) of the thirteenth (13th) full month of the term shall be payable at the rate of One Hundred Sixteen Thousand Two Hundred Fifty and 00/100 Dollars ($116,250.00) per year (which is based on $7.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's Architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Nine Thousand Six Hundred Eighty-Seven and 50/100 Dollars ($9,687.50), pro-rated for any partial monthPremises originally demised hereunder.
(ii) Tenant's Building Percentage shall be increased to reflect the number of Rentable Square Feet in the Expansion Space.
(iii) Tenant shall be entitled to park an additional forty (40) cars in the Building Lot and an additional five (5) cars in the Adjacent Lot.
(g) All of the terms and conditions of this Lease, except for Articles 4 and 5, shall apply to the period of time commencing on the date Landlord delivers vacant possession of the Expansion Space to Tenant and ending on the Expansion Date.
Appears in 1 contract
Sources: Lease (Qlik Technologies Inc)
Expansion. (a) In order If Lessee requires more industrial space in addition to exercise this option, Tenant must so notify Landlord, in writing, on Module B or before the last day of the ninth (9th) full month of the Term, time being of the essence.
(b) Landlord shall deliver vacant possession of the Expansion Space to Tenant upon receipt of Tenant's exercise notice, and Tenant shall accept the Expansion Space in a strictly "as is" condition, except that Landlord shall be responsible for removing or demolishing the built-in equipment (but not any permanent improvements such as walls, floors and ceilings) that make up the cafeteria in the Expansion Space.
(c) Tenant shall be responsible for all build-out and/or interior finish work that it shall require in event Lessee does not exercise its option to lease Module B, Lessor agrees to use its best efforts to provide the Expansion Space, which work additional space adjacent to the Leased Premises as depicted on Exhibit H attached hereto and incorporated herein (the "Expansion Work") shall “Adjacent Space”). If the Adjacent Space cannot be subject to the provisions of Article 15 hereof.
(d) Landlord delivered, Lessor shall provide Tenant with an allowance of up another building (owned by Lessor) to Thirty- Five Thousand and 00/100 Dollars ($35,000.00) toward provide the cost of the Expansion Worktotal industrial space required by Lessee. If Lessee agrees to move into another building owned by Lessor, which allowance shall be paid by Landlord Lessor agrees to Tenant within thirty (30) days after the following has occurred:
(i) Tenant has provided Landlord with a certificate of occupancy reimburse Lessee for the Expansion Space, and a certificate from Landlord's architect that the Expansion Work has been substantially completed all moving expenses incurred by Lessee in accordance connection with the plans move and specifications that have been approved by Landlord; and
(ii) Tenant has provided Landlord with a detailed invoice pay for fifty percent (50%) of the costs incurred.
tenant improvements to be constructed in the new space. If Lessee decides to exercise its option to expand into the Adjacent Space or if parties agree on a new building to which Lessee can move its operations, the parties hereto shall either (ei) The Expansion execute an amendment to this Lease which redefines the Leased Premises to include the Adjacent Space shall become part or substitute the new building as the Leased Premises and recalculates rent by multiplying the rental rate set forth in Section 5.1 by the new square footage of the Leased Premises, and all of the terms and conditions of this Lease shall apply thereto, as of a date (the "Expansion Date") that is the earlier of (i) the date Tenant first commences business operations in the Expansion Space, Premises or (ii) enter into a new lease agreement under similar terms and conditions as those set forth herein. Notwithstanding the first day foregoing, any new lease or amendment to this Lease entered into between the parties pursuant to this Article 23 shall include language which sets forth a term or extends the Term for a period of the thirteenth (13th) full month of the Term.
(f) As of the Expansion Date:
(i) Base Rent shall be increased by an amount equal to One Hundred Seventy-Six Thousand Two Hundred Fifty and 00/100 Dollars ($176,250.00) per year (which is based on $11.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Fourteen Thousand Six Hundred Eighty-Seven and 50/100 Dollars. ($14,687.50), pro-rated for any partial month, provided that if the Expiration Date is before the first day of the thirteenth (13th) full month of the Term, then Base Rent for the Expansion Space for the period from the Expansion Date to the first day of the thirteenth (13th) full month of the term shall be payable at the rate of One Hundred Sixteen Thousand Two Hundred Fifty and 00/100 Dollars ($116,250.00) per year (which is based on $7.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's Architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Nine Thousand Six Hundred Eighty-Seven and 50/100 Dollars ($9,687.50), pro-rated for any partial month.
(ii) Tenant's Building Percentage shall be increased to reflect the number of Rentable Square Feet in the Expansion Space.
(iii) Tenant shall be entitled to park an additional forty (40) cars in the Building Lot and an additional least five (5) cars in the Adjacent Lot.
(g) All of the terms and conditions of this Lease, except for Articles 4 and 5, shall apply to the period of time years commencing on the execution date Landlord delivers vacant possession of the Expansion Space amendment or the new lease or such other date as set forth therein. It is agreed by the parties that in the event the parties enter into a new lease pursuant to Tenant and ending on the Expansion Dateterms of this Article 23, Lessee shall cause a guaranty, similar to the Guaranty granted to Lessor pursuant to Exhibit F hereto, be granted to Lessor.
Appears in 1 contract
Sources: Lease Agreement (Lmi Aerospace Inc)
Expansion. Lessor will give Tenant written notice of the availability of any portion of the space on the second floor of the building known and referred to as Norm▇▇ ▇▇▇ter I prior to the date when that space (the "Offer Space") is available to Lessor for leasing and Network Communications Corporation ("NCC"), or the successor or assigns of NCC, under NCC'S lease of space in said building has not elected to lease the space. The notice will state the Monthly Base Rent for the Offer Space. Tenant will have the right to lease the Offer Space under this Section if:
(a) In order to exercise Tenant is not in default under this option, Tenant must so notify Landlord, in writing, on or before the last day of the ninth (9th) full month of the Term, time being of the essenceLease.
(b) Landlord shall deliver vacant possession NCC does not elect to exercise its rights to lease any part of the Expansion Space to Tenant upon receipt of Tenant's exercise notice, and Tenant shall accept the Expansion Space in a strictly "as is" condition, except that Landlord shall be responsible for removing or demolishing the built-in equipment (but not any permanent improvements such as walls, floors and ceilings) that make up the cafeteria in the Expansion Offer Space.
(c) Tenant shall be responsible for all build-out and/or interior finish work that it shall require in delivers to Lessor written notice exercising its right to lease the Expansion Offer Space within 10 days after Lessor's notice of availability of the Offer Space. If Tenant fails to exercise its right to lease the Offer Space, which work (Tenant will have no further right to lease the "Expansion Work") shall be subject to Offer Space thereafter. A lease of space under this Section will contain the provisions of Article 15 hereof.
(d) Landlord shall provide Tenant with an allowance of up to Thirty- Five Thousand and 00/100 Dollars ($35,000.00) toward the cost of the Expansion Work, which allowance shall be paid by Landlord to Tenant within thirty (30) days after the following has occurredfollowing:
(i1) Tenant has provided Landlord with a certificate Monthly Base Rent will be the amount stated in Lessor's notice of occupancy for the Expansion Space, and a certificate from Landlord's architect that the Expansion Work has been substantially completed in accordance with the plans and specifications that have been approved by Landlord; and
(ii) Tenant has provided Landlord with a detailed invoice availability of the costs incurred.
(e) The Expansion Space shall become part of the Leased Premises, and all of the terms and conditions of this Lease shall apply thereto, as of a date (the "Expansion Date") that is the earlier of (i) the date Tenant first commences business operations in the Expansion Space, or (ii) the first day of the thirteenth (13th) full month of the Term.
(f) As of the Expansion Date:
(i) Base Rent shall be increased by an amount equal to One Hundred Seventy-Six Thousand Two Hundred Fifty and 00/100 Dollars ($176,250.00) per year (which is based on $11.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Fourteen Thousand Six Hundred Eighty-Seven and 50/100 Dollars. ($14,687.50), pro-rated for any partial month, provided that if the Expiration Date is before the first day of the thirteenth (13th) full month of the Term, then Base Rent for the Expansion Space for the period from the Expansion Date to the first day of the thirteenth (13th) full month of the term shall be payable at the rate of One Hundred Sixteen Thousand Two Hundred Fifty and 00/100 Dollars ($116,250.00) per year (which is based on $7.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's Architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Nine Thousand Six Hundred Eighty-Seven and 50/100 Dollars ($9,687.50), pro-rated for any partial month.
(ii) Tenant's Building Percentage shall be increased to reflect the number of Rentable Square Feet in the Expansion Offer Space.
(iii2) Tenant shall Costs will be entitled to park an additional forty (40) cars determined in the Building Lot and an additional five (5) cars manner set forth in the Adjacent Lotthis Lease.
(g3) All The commencement date for the lease will be the later of the terms and conditions date the Offer Space becomes available to Lessor for occupancy or 30 days after notice from Lessor that the Offer Space is available.
(4) The Term will end on the expiration or earlier termination of this Lease, except for Articles 4 and 5, shall apply subject to the period of time commencing on Extension Terms contained in this Lease.
(5) Tenant will take the date Landlord delivers vacant possession of space in an "as-is" condition with all improvements to be Tenant's responsibility at Tenant's cost.
(6) There will be no Improvement Allowance, rent abatement, space planning allowance, moving allowance or other concessions.
(7) All other terms and conditions will be the Expansion Space to Tenant and ending on the Expansion Datesame as contained in this Lease.
Appears in 1 contract
Sources: Lease (Advancepcs)
Expansion. (a) In order Point Richmond R&D Associates, a California limited partnership (“PRA I”), as landlord, and Tenant, as tenant, are parties to exercise this optionthat certain Lease dated as of February 22, 2006 (as amended, the “PRI Lease”), pursuant to which Tenant leases from PRA I, an affiliate of Landlord, the premises commonly known as Suites 110 and 130 (the “PRI Premises”) on the ground floor of the building located at ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇. Pursuant to the PRI Lease, Tenant must so notify Landlord, in writing, on or before holds an option to expand (the last day “PRI Expansion Option”) into space consisting of at least 5,000 rentable square feet of area more than the aggregate of the ninth (9th) full month Rentable Area of the Term, time being Premises and the rentable area of the essencePRI Premises (the “Aggregate Premises”).
(b) Landlord shall deliver vacant possession If PRA I (or its Affiliate) and Tenant have not agreed upon suitable space for Tenant (in Tenant’s sole opinion) within six (6) months following Tenant’s exercise of the PRI Expansion Space Option, Tenant shall have the right to Tenant upon receipt terminate this Lease by providing Landlord one hundred eighty (180) days prior notice specifying the unequivocal termination of Tenant's exercise noticethis Lease, and provided further that Tenant shall accept the Expansion Space in a strictly "as is" condition, except that Landlord shall be responsible for removing or demolishing the built-in equipment (but not any permanent improvements provide such as walls, floors and ceilings) that make up the cafeteria in the Expansion Space.
(c) Tenant shall be responsible for all build-out and/or interior finish work that it shall require in the Expansion Space, which work (the "Expansion Work") shall be subject to the provisions of Article 15 hereof.
(d) Landlord shall provide Tenant with an allowance of up to Thirty- Five Thousand and 00/100 Dollars ($35,000.00) toward the cost of the Expansion Work, which allowance shall be paid by Landlord to Tenant termination notice within thirty (30) days after of the following has occurred:expiration of such six-month period.
(ic) If Tenant has provided Landlord with a certificate of occupancy for the properly exercises its PRI Expansion SpaceRight, and PRA I (or its Affiliate) and Tenant are able to agree on a certificate from Landlord's architect that the Expansion Work has been substantially completed space suitable for Tenant in accordance with the plans and specifications that have been approved by Landlord; and
PRI Lease (ii) Tenant has provided Landlord with a detailed invoice of the costs incurred.
(e) The “Expansion Space shall become part of the Leased Premises, and all of the terms and conditions of this Lease shall apply theretoSpace”), as of a date (evidenced by the "Expansion Date") that is the earlier of (i) the date Tenant first commences business operations in the Expansion Space, or (ii) the first day of the thirteenth (13th) full month of the Term.
(f) As execution and delivery of the Expansion Date:
Amendment (i) Base Rent as defined in the PRI Lease), Tenant shall be increased by an amount equal have the right to One Hundred Seventy-Six Thousand Two Hundred Fifty and 00/100 Dollars ($176,250.00) per year (which is based on $11.75 per Rentable Square Foot and shall be adjusted if terminate this Lease as of the measurement commencement date of the term for the Expansion Space by Landlord's architect discloses a different number of Rentable Square Feet in delivering written notice to Landlord within thirty (30) days following the Expansion Space), payable in monthly installments of Fourteen Thousand Six Hundred Eighty-Seven and 50/100 Dollars. ($14,687.50), pro-rated for any partial month, provided that if the Expiration Date is before the first day of the thirteenth (13th) full month of the Term, then Base Rent for the Expansion Space for the period from the Expansion Date to the first day of the thirteenth (13th) full month of the term shall be payable at the rate of One Hundred Sixteen Thousand Two Hundred Fifty and 00/100 Dollars ($116,250.00) per year (which is based on $7.75 per Rentable Square Foot and shall be adjusted if the measurement date of the Expansion Space by Landlord's Architect discloses a different number of Rentable Square Feet Amendment (as defined in the Expansion SpacePRI Lease). If Tenant fails to timely deliver such termination notice, payable in monthly installments of Nine Thousand Six Hundred Eighty-Seven and 50/100 Dollars ($9,687.50), pro-rated for any partial month.
(ii) Tenant's Building Percentage shall be increased to reflect the number of Rentable Square Feet in the Expansion Space.
(iii) Tenant shall be entitled deemed to park an additional forty (40) cars in the Building Lot and an additional five (5) cars in the Adjacent Lot.
(g) All of the terms and conditions of have elected to continue this Lease, except for Articles 4 and 5, shall apply to the period of time commencing on the date Landlord delivers vacant possession of the Expansion Space to Tenant this Lease will remain in full force and ending on the Expansion Dateeffect.
Appears in 1 contract
Expansion. Tenant shall have a right to require that the Landlord expand the Building at the Premises by an amount of approximately 75,000 square feet, subject to the availability of permits, zoning, building, fire and sprinkler codes, and all other legal requirements, in accordance with the following terms:
(aA) In order to exercise its rights under this optionsection, Tenant must so notify Landlordgive Landlord written notice of its election to expand, in writingwhich notice shall include a statement as to the proposed size, location and description of the expansion (the "Building Expansion"), on or before the last day 8th anniversary of the ninth (9th) full month of Rent Commencement Date. Upon such election by Tenant, the Term, time being of the essence.following shall apply:
(b1) Landlord Such election shall deliver vacant possession of be deemed an election to exercise the Expansion Space to Tenant upon receipt of Tenant's exercise notice, and Tenant shall accept the Expansion Space then- applicable renewal option set forth in a strictly "as is" conditionSection 3.1 hereof, except that Landlord the term of such renewal together with the remainder of the then-existing Term (and with respect to both the then-existing Premises and the Building Expansion) shall not be less than 7 years (with the understanding that the then-applicable renewal option set forth in Section 3.1 above shall be responsible deemed exercised and the term of such renewal option extended to achieve such 7 year term), and except that the rent applicable to the existing Premises for removing or demolishing any period in such term beyond the builtthen-in equipment (but not any permanent improvements such as walls, floors and ceilings) that make up the cafeteria in the Expansion Space.
(c) Tenant current Term shall be responsible for all build-out and/or interior finish work that it shall require in the Expansion Space, which work (the "Expansion Work") shall be subject to the provisions of Article 15 hereof.
(d) Landlord shall provide Tenant with an allowance of up to Thirty- Five Thousand and 00/100 Dollars ($35,000.00) toward the cost of the Expansion Work, which allowance shall be paid by Landlord to Tenant within thirty (30) days after the following has occurred:
(i) Tenant has provided Landlord with a certificate of occupancy for the Expansion Space, and a certificate from Landlord's architect that the Expansion Work has been substantially completed determined in accordance with the plans procedures set forth in Section 3.1.
(2) The improvements to be constructed in connection with such expansion of the Premises shall be constructed in accordance with the terms and specifications procedures set forth in Section 14 hereof with respect to the Tenant Improvements, except that have been approved by relating to the Allowance.
(3) The monthly Base Rent applicable to the Building Expansion shall be equal to that reflecting (i) amortization of the total cost of all building standard shell improvements (i.e., consistent with the Landlord; and
's Work) which are part of the Building Expansion (including design, permitting, utility extensions, construction and the like) over a period of 20 years with interest at a rate which is 200 basis points in excess of the rate of interest then being paid on 10-year U.S. Treasury Bonds, and (ii) Tenant has provided Landlord with a detailed invoice amortization of the costs incurredtotal cost of all improvements beyond the building standard shell which are part of the Building Expansion (including design, permitting, utility extensions, construction and the like) over a period which is equal to the term of the Lease with interest at a rate of 10% per annum. In addition, appropriate adjustments shall be made in the Tenant's Proportionate Share of Impositions and Operating Costs to reflect the addition of the Building Expansion.
(eB) The Expansion Space Within 30 days after the Tenant's notice exercising its right to the Building Expansion, the parties shall become part of the Leased Premises, and all of the terms and conditions of enter into a written amendment to this Lease shall apply thereto, as of a date (setting forth the "Expansion Date") that is the earlier of (i) the date Tenant first commences business operations in the Expansion Space, or (ii) the first day of the thirteenth (13th) full month of the Term.
(f) As of the Expansion Date:
(i) Base Rent shall be increased by an amount equal foregoing changes to One Hundred Seventy-Six Thousand Two Hundred Fifty and 00/100 Dollars ($176,250.00) per year (which is based on $11.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Fourteen Thousand Six Hundred Eighty-Seven and 50/100 Dollars. ($14,687.50), pro-rated for any partial month, provided that if the Expiration Date is before the first day of the thirteenth (13th) full month of the Term, then Base Rent for the Expansion Space for the period from the Expansion Date to the first day of the thirteenth (13th) full month of the term shall be payable at the rate of One Hundred Sixteen Thousand Two Hundred Fifty and 00/100 Dollars ($116,250.00) per year (which is based on $7.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's Architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Nine Thousand Six Hundred Eighty-Seven and 50/100 Dollars ($9,687.50), pro-rated for any partial month.
(ii) Tenant's Building Percentage shall be increased to reflect the number of Rentable Square Feet in the Expansion Space.
(iii) Tenant shall be entitled to park an additional forty (40) cars in the Building Lot and an additional five (5) cars in the Adjacent Lot.
(g) All of the terms and conditions of this Lease, except for Articles 4 and 5, shall apply to the period of time commencing on the date Landlord delivers vacant possession of the Expansion Space to Tenant and ending on the Expansion Date.
Appears in 1 contract
Sources: Lease Agreement (Drugstore Com Inc)
Expansion. Subject to the terms and conditions set forth --------- herein, LESSEE shall have the option from time to time to lease the space located on the second and third floors of the building located immediately in front of the building in which the Premises is located (such building being hereinafter referred to as "Building B"), but excluding the space currently utilized as the cafeteria (such expansion space is hereinafter referred to as the "Additional Space") upon the same terms and conditions as this Lease except that the term thereof must end, at LESSEE's option, either on March 31, 2004 or the date upon which the Term of this Lease expires. LESSOR shall provide LESSEE with (a) In order a copy of any letter of intent that is executed with any prospective tenant of the Additional Space (or if no such letter of intent is executed by LESSOR, then a copy of the proposed draft of the lease for such space) or (b) a copy of a negotiated letter of intent with a prospective tenant of the Additional Space with terms that appear to exercise be acceptable to such prospective tenant, together in any event with a notice stating that such notice is delivered pursuant to this option, Tenant must so Section 18.18. LESSEE shall notify LandlordLESSOR, in writing, on or before within ten (10) days of receipt of such notice that LESSEE elects to lease the last day Additional Space. LESSEE's failure to timely respond in writing shall constitute a waiver of LESSEE's option to lease such space. In the event that LESSOR fails to execute a lease for the Additional Space with such prospective tenant within one hundred twenty (120) days of receipt of such notice by LESSEE, then LESSEE's option shall be reinstated with respect to the Additional Space. In the event that LESSEE elects to lease any Additional Space, LESSEE and LESSOR shall execute and deliver an amendment to the Lease increasing the number of square feet constituting the Premises by the amount of the ninth (9th) full month of the Term, time being of the essence.
(b) Landlord shall deliver vacant possession of the Expansion Space to Tenant upon receipt of Tenant's exercise notice, and Tenant shall accept the Expansion Space in a strictly "as is" condition, except that Landlord shall be responsible for removing or demolishing the built-in equipment (but not any permanent improvements such as walls, floors and ceilings) that make up the cafeteria in the Expansion Space.
(c) Tenant shall be responsible for all build-out and/or interior finish work that it shall require in the Expansion Space, which work (the "Expansion Work") shall be subject to the provisions of Article 15 hereof.
(d) Landlord shall provide Tenant with an allowance of up to Thirty- Five Thousand and 00/100 Dollars ($35,000.00) toward the cost of the Expansion Work, which allowance shall be paid by Landlord to Tenant within thirty (30) days after the following has occurred:
(i) Tenant has provided Landlord with a certificate of occupancy for the Expansion Additional Space, and a certificate from Landlord's architect that otherwise subjecting the Expansion Work has been substantially completed in accordance with Additional Space to the plans and specifications that have been approved by Landlord; and
(ii) Tenant has provided Landlord with a detailed invoice of the costs incurred.
(e) The Expansion Space shall become part of the Leased Premises, and all of the same terms and conditions of this the Lease shall apply theretoas currently in effect, as of including but not limited to a date (the "Expansion Date") provision providing that is the earlier of (i) the date Tenant first commences business operations in the Expansion Space, or (ii) the first day of the thirteenth (13th) full month of the Term.
(f) As of the Expansion Date:
(i) Base Rent shall be increased by an amount equal to One Hundred Seventy-Six Thousand Two Hundred Fifty and 00/100 Dollars ($176,250.00) per year (which is based on $11.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Fourteen Thousand Six Hundred Eighty-Seven and 50/100 Dollars. ($14,687.50), pro-rated for any partial month, provided that if the Expiration Date is before the first day of the thirteenth (13th) full month of the Term, then Base Rent for the Expansion Additional Space shall be the same rent per square foot as currently in effect under the Lease (as the same may be increased as provided in the Lease). Rent payment for any Additional Space shall begin upon the first to occur of (a) occupancy of such Additional Space by LESSEE for the period from purposes of conducting business or (b) 90 days after the Expansion Date exercise by LESSEE of the expansion option. In the event that LESSOR notifies LESSEE of its intention to lease the Additional Space within Building B as provided in this Section 18.18, and the third and fourth floors of the building located immediately in front of Building B (such building is hereinafter referred to as "Building A") is unleased, and the LESSEE elects not to take the Additional Space within Building B, then for the purposes hereof the Additional Space shall thereafter mean the third and fourth floors of Building A. Notwithstanding anything herein to the first day contrary, in the event that the space to be leased to a prospective tenant constitutes all of Building A and Building B, then in order to exercise the expansion option granted herein, LESSEE must elect to lease all of such space, or in the event that the space to be leased to any prospective tenant constitutes all of the thirteenth (13th) full month Additional Space and any other space within Building A or Building B, then in order or exercise the expansion option granted herein, LESSEE must elect to lease all of the term shall be payable at the rate of One Hundred Sixteen Thousand Two Hundred Fifty and 00/100 Dollars ($116,250.00) per year (such space which is based on $7.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's Architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Nine Thousand Six Hundred Eighty-Seven and 50/100 Dollars ($9,687.50), pro-rated for any partial monthsuch prospective tenant proposes to lease.
(ii) Tenant's Building Percentage shall be increased to reflect the number of Rentable Square Feet in the Expansion Space.
(iii) Tenant shall be entitled to park an additional forty (40) cars in the Building Lot and an additional five (5) cars in the Adjacent Lot.
(g) All of the terms and conditions of this Lease, except for Articles 4 and 5, shall apply to the period of time commencing on the date Landlord delivers vacant possession of the Expansion Space to Tenant and ending on the Expansion Date.
Appears in 1 contract
Sources: Space Lease (Equifax Inc)
Expansion. Both parties to this lease agree that it may be in their mutual best interests to expand the leased facility at a future date. The Landlord and Tenant believe that by modifying certain portions of the property, it may be possible to construct an addition with 20,000 square feet of space contiguous to the existing facility. If the parties agree to expand the facility they will work together to: (a) In order design any such addition to exercise this option, Tenant must so notify Landlord, in writing, on or before meet the last day operational needs of the ninth (9th) full month tenant by providing for the appropriate type of space and the Term, appropriate infrastructure at the time being of the essence.
addition would be constructed; (b) negotiate appropriate lease rates for any such addition to meet the financial needs of the Landlord and Tenant; (c) provide appropriate returns for the Landlord’s investment; and, (d) maintain the future marketability of the property. Neither party shall be obligated to the expansion if in their sole discretion the addition is not in the mutual best interests of both the Landlord and the Tenant. The lease agreement for any expansion to this facility shall be handled as an amendment to this Lease Agreement. Should the Landlord and Tenant not agree to an expansion of the facility by at least 20,000 square feet by the end of the fifth year of the lease term, then Landlord shall deliver vacant possession have a “put” option to require Tenant to purchase the leased facility. The aforesaid “put” option shall commence at the end of the Expansion Space to Tenant upon receipt of Tenant's exercise notice60th month hereof, and Tenant shall accept the Expansion Space in a strictly "as is" conditionprovided, except however, that Landlord shall have requested that Tenant agree to an expansion of the facility by at least 20,000 square feet, and shall continue in effect through the end of the 7th year (the 84th month following the effective date hereof) of the lease term. The purchase price shall be responsible the greater of the appraisal price (determined in exactly the same manner as described with respect to Lessee’s option to purchase set forth in paragraph l.3.i) or the sum of the Landlord’s original purchase price plus 15% which the parties agree is the sum of $3,350,000. If during the time period prior to the exercise of this put option Tenant has paid for removing or demolishing the built-in equipment (but not any permanent improvements such as wallsinstallation of water and sewer utilities pursuant to paragraphs hereof, floors and ceilings) that make up the cafeteria in the Expansion Space.
(c) then Tenant shall be responsible for all build-out and/or interior finish work that it shall require in able to deduct such payments from the Expansion Space, which work (the "Expansion Work") shall be subject to the provisions of Article 15 hereof.
(d) Landlord shall provide Tenant with an allowance of up to Thirty- Five Thousand purchase price as established hereby. The parties have executed and 00/100 Dollars ($35,000.00) toward the cost delivered this Lease as of the Expansion Workdate on the top of page one. Landlord: COUGAR DEVELOPMENT, which allowance shall be paid by Landlord to Tenant within thirty (30) days after the following has occurred:
(i) Tenant has provided Landlord with a certificate of occupancy LLC Tenant: WAMAR PRODUCTS, INC. By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇ for the Expansion SpaceDevelopers, and a certificate from Landlord's architect that the Expansion Work has been substantially completed in accordance with the plans and specifications that have been approved by Landlord; and
(ii) Tenant has provided Landlord with a detailed invoice of the costs incurred.
(e) The Expansion Space shall become Inc., Member By: Its: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇ CFO Guarantor: CLARION TECHNOLOGIES, INC. By: Its: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇ CFO That part of the Leased PremisesEast 1/2 of the Southwest 1/4 of Section 6, Town 5 North, Range 10 West, Caledonia Township, Kent County, Michigan described as: Commencing at the South 1/4 corner of said Section 6; thence North 90 degrees 00 minutes West 683.00 feet along the South line of said Section 6 to the Point of Beginning; thence North 90 degrees 00 minutes West 355.00 feet; thence North 00 degrees 00 minutes West 222.00 feet; thence South 90 degrees 00 minutes East 42.00 feet; thence North 00 degrees 00 minutes West 602.27 feet; thence South 90 degrees 00 minutes East 313.00 feet; thence South 00 degrees 00 minutes East 824.27 feet to the Point of Beginning. Together with and subject to a 20.00 foot wide drainage easement, the centerline of which is described as: Commencing at the South 1/4 corner of said Section 6; thence North 90 degrees 00 minutes West 1016.0 feet along the South line of said Section 6; thence North 00 degrees 00 minutes West 217.0 feet to the Point of Beginning for said centerline; thence North 59 degrees 22 minutes West 160.00 feet; thence North 88 degrees 39 minutes West 160 feet, more or less, to a point in the centerline of an existing drainage ditch, said point being 302.4 feet, more or less, North of the South line of said Section 6 and the point of ending for said centerline. That part of the ▇▇▇▇▇▇▇▇▇ ▇/▇, ▇▇▇▇▇▇▇ ▇, ▇▇▇▇ ▇ ▇▇▇▇▇, ▇▇▇▇▇ 10 West, Caledonia Township, Kent County, Michigan described as: Beginning at a point on the South line of said Southwest 1/4 which is North 89 degrees 56 minutes 52 seconds West 669.92 feet from the South 1/4 corner of Section 6; thence North 89 degrees 56 minutes 52 seconds West 13.08 feet along said South line; thence North 00 degrees 03 minutes 08 seconds East 824.27 feet; thence South 89 degrees 56 minutes 52 seconds East 2.00 feet; thence South 00 degrees 03 minutes 08 seconds West 506.98 feet along the Westerly right of way line of Kon-Krete Drive (86.00 feet wide); thence Southerly 211.69 feet along said Westerly line on a 4043.00 foot radius curve to the left, the chord of which bears South 01 degree 26 minutes 52 seconds East 211.67 feet; thence South 02 degrees 56 minutes 52 seconds East 105.84 feet along said Westerly line to the place of beginning. PARCELS A AND B combined are described as: That part of the East 1/2 of the Southwest 1/4 of Section 6, Town 5 North, Range 10 West, Caledonia Township, Kent County, Michigan, described as: Commencing at the South 1/4 corner of said Section 6; thence North 90 degrees 00 minutes West 669.92 feet along the South line of said Section 6 to the Point of Beginning; thence North 90 degrees 00 minutes West 368.08 feet; thence North 00 degrees 00 minutes West 222.00 feet; thence South 90 degrees 00 minutes East 42.00 feet; thence North 00 degrees 00 minutes West 602.27 feet; thence South 90 degrees 00 minutes East 315.00 feet; thence South 00 degrees 00 minutes East 506.98 feet along the Westerly right of way line of Kon-Krete Drive (86.0 feet wide); thence Southerly 211.69 feet along said Westerly line on a 4043.00 foot radius curve to the left, the chord of which bears South 01 degree 30 minutes East 211.67 feet; thence South 03 degrees 00 minutes East 105.84 feet along said Westerly line to the Point of Beginning. Together with and subject to a 20.00 foot wide drainage easement, the centerline of which is described as: Commencing at the South 1/4 corner of said Section 6; thence North 90 degrees 00 minutes West 1016.00 feet along the South line of said Section 6; thence North 00 degrees 00 minutes West 217.0 feet to the Point of Beginning for said centerline; thence North 59 degrees 22 minutes West 160.00 feet; thence North 88 degrees 39 minutes West 160 feet, more or less, to a point in the centerline of an existing drainage ditch, said point being 302.4 feet, more or less, North of the South line of said Section 6, and all the point of the terms and conditions of this Lease shall apply thereto, as of a date (the "Expansion Date") that is the earlier of (i) the date Tenant first commences business operations in the Expansion Space, or (ii) the first day of the thirteenth (13th) full month of the Termending for said centerline.
(f) As of the Expansion Date:
(i) Base Rent shall be increased by an amount equal to One Hundred Seventy-Six Thousand Two Hundred Fifty and 00/100 Dollars ($176,250.00) per year (which is based on $11.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Fourteen Thousand Six Hundred Eighty-Seven and 50/100 Dollars. ($14,687.50), pro-rated for any partial month, provided that if the Expiration Date is before the first day of the thirteenth (13th) full month of the Term, then Base Rent for the Expansion Space for the period from the Expansion Date to the first day of the thirteenth (13th) full month of the term shall be payable at the rate of One Hundred Sixteen Thousand Two Hundred Fifty and 00/100 Dollars ($116,250.00) per year (which is based on $7.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's Architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Nine Thousand Six Hundred Eighty-Seven and 50/100 Dollars ($9,687.50), pro-rated for any partial month.
(ii) Tenant's Building Percentage shall be increased to reflect the number of Rentable Square Feet in the Expansion Space.
(iii) Tenant shall be entitled to park an additional forty (40) cars in the Building Lot and an additional five (5) cars in the Adjacent Lot.
(g) All of the terms and conditions of this Lease, except for Articles 4 and 5, shall apply to the period of time commencing on the date Landlord delivers vacant possession of the Expansion Space to Tenant and ending on the Expansion Date.
Appears in 1 contract
Expansion. 24.1 Landlord agrees that Tenant shall have the right, at any time and from time to time during the Lease Term, to lease additional space in the Building which is contiguous to the Premises (the "Additional Space") as it becomes available following the vacation of such leased space by the then current tenant of such space, subject to the following terms and conditions:
(a) In order to exercise this option, Landlord shall notify Tenant must so notify Landlord, in writing, on or before the last day of the ninth (9th) full month availability of the Term, time being of the essenceAdditional Space.
(b) Landlord shall deliver vacant possession of The annual base rent and additional rent with respect to the Expansion Additional Space to Tenant upon receipt of Tenant's exercise notice, and Tenant shall accept the Expansion Space in a strictly "as is" condition, except that Landlord shall be responsible for removing or demolishing the built-in equipment (but not any permanent improvements such as walls, floors same amount per square foot and ceilings) that make up shall be adjusted at the cafeteria same time and in the Expansion Spacesame manner as the adjusted annual base rent and additional rent then in effect with respect to the original Premises.
(c) For a period of ten (10) days after receipt of any such notice from Landlord, Tenant shall be responsible have the right to lease the Additional Space from Landlord upon the terms and conditions set forth in this Lease (but without any obligation on the part of Landlord to construct, alter, renovate, repaint, recarpet or provide any construction allowance for all build-out and/or interior finish work that it shall require tenant improvements in the Expansion Premises) commencing on the date the Additional Space becomes available as set forth in the notice from Landlord. In the event Tenant agrees to lease the Additional Space within such ten (10) day period, Landlord and Tenant shall promptly execute an amendment to the Lease indicating the location and configuration of the Additional Space, which work (. The number of square feet of rentable area of the "Expansion Work") Premises shall be subject to measured and calculated by Landlord's architect in accordance with the provisions of Article 15 hereofExhibit E attached hereto and shall be set forth in the amendment to the Lease.
(d) Landlord In no event shall provide Tenant with an allowance of up have the right to Thirty- Five Thousand and 00/100 Dollars ($35,000.00) toward the cost lease less than all of the Expansion Work, which allowance shall be paid by Landlord to Tenant within thirty (30) days after the following has occurred:
(i) Tenant has provided Landlord with a certificate of occupancy for the Expansion Space, and a certificate from Landlord's architect that the Expansion Work has been substantially completed in accordance with the plans and specifications that have been approved by Landlord; and
(ii) Tenant has provided Landlord with a detailed invoice of the costs incurredAdditional Space available.
(e) The Expansion Tenant shall accept the Additional Space in "as is" condition and Landlord shall have no obligation to provide Tenant with an improvement allowance with respect to the Additional Space. All work performed in the Additional Space shall become part of the Leased Premises, and all of be performed in accordance with the terms and conditions of this Lease shall apply thereto, as of a date (the "Expansion Date") that is the earlier of (i) the date Tenant first commences business operations in the Expansion Space, or (ii) the first day of the thirteenth (13th) full month of the Term.
(f) As of the Expansion Date:
(i) Base Rent shall be increased by an amount equal to One Hundred Seventy-Six Thousand Two Hundred Fifty and 00/100 Dollars ($176,250.00) per year (which is based on $11.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Fourteen Thousand Six Hundred Eighty-Seven and 50/100 Dollars. ($14,687.50), pro-rated for any partial month, provided that if the Expiration Date is before the first day of the thirteenth (13th) full month of the Term, then Base Rent for the Expansion Space for the period from the Expansion Date to the first day of the thirteenth (13th) full month of the term shall be payable at the rate of One Hundred Sixteen Thousand Two Hundred Fifty and 00/100 Dollars ($116,250.00) per year (which is based on $7.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's Architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Nine Thousand Six Hundred Eighty-Seven and 50/100 Dollars ($9,687.50), pro-rated for any partial month.
(ii) Tenant's Building Percentage shall be increased to reflect the number of Rentable Square Feet in the Expansion Space.
(iii) Tenant shall be entitled to park an additional forty (40) cars in the Building Lot and an additional five (5) cars in the Adjacent Lot.
(g) All of the terms and conditions provisions of this Lease, except for Articles 4 and 5, shall apply to the period of time commencing on the date Landlord delivers vacant possession of the Expansion Space to Tenant and ending on the Expansion Date.
Appears in 1 contract
Expansion. (a) In order 32.1 Although Tenant does not now wish to exercise this optionhave constructed a larger facility, Tenant must so notify Landlordmay in the future desire to expand the Building. Landlord is willing to permit the construction of additional space (the "Expansion Space") to the Building and will agree to construct, or to cause the construction of, the Expansion Space requested by Tenant, all in writingaccordance with and subject to the following terms and conditions of this paragraph 32.
32.2 If Tenant decides it would like to have the Building expanded at any time prior to expiration of the Lease Term, on or Tenant shall deliver a written notice to Landlord not later than one (1) year before the last day Lease Term expires specifying the number of additional square feet requested, the ninth (9th) full month of the Term, time being of the essence.
(b) Landlord shall deliver vacant possession general configuration of the Expansion Space Space, the tenant improvements requested by Tenant to Tenant upon receipt of Tenant's exercise notice, and Tenant shall accept be installed by Landlord in the Expansion Space in a strictly "as is" condition, except that Landlord shall be responsible and the target date for removing or demolishing the built-in equipment (but not any permanent improvements such as walls, floors and ceilings) that make up the cafeteria in completion of the Expansion Space.
32.3 If Tenant's notice to Landlord is delivered within the first two (c2) years of the Lease Term and if ▇▇▇▇ Companies US, Inc. is still the Landlord, then within sixty (60) days following receipt of Tenant's written request for such expansion, Landlord will deliver to Tenant shall be responsible a written response which will either (A) set forth (i) Landlord's good faith estimate of the total cost to construct the Expansion Space in adherence to the same construction standards set forth in this Lease for all build-out and/or interior finish work that it shall require the Building plus a 6% fee to Landlord; (ii) Landlord's good faith estimate of the increase in monthly base rent expected to result from the Expansion Space, which work calculated using the applicable rental constant under paragraph 3; and (iii) the "expected time to complete the Expansion Work"Space, including the projected time to prepare and agree upon plans and specifications and the time to obtain necessary financing, permits, consents and approvals; or (B) shall be subject advise Tenant that Landlord elects not to construct the provisions of Article 15 hereof.
(d) Landlord shall provide Tenant with an allowance of up to Thirty- Five Thousand and 00/100 Dollars ($35,000.00) toward the cost Expansion Space for any of the Expansion Workreasons set forth in paragraph 32.5 below. If Landlord provides a response under subparagraph (A) above, which allowance shall be paid by then Tenant will notify Landlord to Tenant within thirty (30) days of Tenant's receipt of Landlord's response whether Tenant desires to proceed with the expansion.
32.4 If Tenant's notice to Landlord is delivered after the first two (2) years of the Lease Term or if ▇▇▇▇ Companies US, Inc. is not still the Landlord, then within sixty (60) days following has occurred:
receipt of Tenant's written request for such expansion, Landlord will deliver to Tenant a written response which will either (A) set forth (i) Tenant has provided Landlord with Landlord's good faith estimate of the total cost to construct the Expansion Space in adherence to the same construction standards set forth in this Lease for the Building plus a certificate 6% fee to Landlord; (ii) Landlord's good faith estimate of occupancy for the increase in monthly base rent expected to result from the Expansion Space, calculated using the applicable rental constant under paragraph 3; and a certificate from Landlord's architect that (iii) the expected time to complete the Expansion Work has been substantially completed in accordance with Space, including the projected time to prepare and agree upon plans and specifications and the time to obtain necessary financing, permits, consents and approvals; or (B) advise Tenant that have been approved Landlord elects not to construct the Expansion Space for any reason whatsoever, including without limitation, the reasons set forth in paragraph 32.5 below. If Landlord provides a response under subparagraph (A) above, then Tenant will notify Landlord within sixty (60) days of Tenant's receipt of Landlord's response whether Tenant desires Landlord to proceed with the expansion, during which time Tenant, in its sole discretion, may elect to obtain competitive bids.
32.5 Landlord may decline to construct the Expansion Space requested by Landlord; andTenant if:
(iia) Tenant has provided Landlord with a detailed invoice is unable to obtain financing on terms and conditions satisfactory to Landlord.
(b) The Expansion Space is less than 30,000 square feet.
(c) The Expansion Space is not permitted by applicable law, the Ground Lease, the Subground Lease or any recorded covenants, conditions and restrictions (including without limitation, the Declaration).
(d) Tenant's financial condition has, in the sole opinion of Landlord, adversely changed since the date of the costs incurredLease so as to not be acceptable to Landlord.
(e) The Tenant is, or has been during the Lease term, in default under this Lease or any event has occurred which with the giving of notice or passage of time, or both, would constitute an event of default on the part of Tenant.
32.6 If Landlord is to proceed with construction of the Expansion Space shall become part under either paragraph 32.3 or 32.4 above, then the parties will enter into a written amendment to the Lease setting forth the terms and conditions applicable to the Expansion Space, including without limitation the following:
(a) If the Expansion Space is "ready for occupancy" (as defined in paragraph 2 above) after the first five (5) years of the Leased PremisesLease Term, then the initial Lease Term for the Property (including the Expansion Space) will be extended so that it expires ten (10) years from the date the Expansion Space is "ready for occupancy". This extension is independent of and in addition to the Renewal Options set forth in paragraph 31.
(b) Base rent for the Expansion Space will be calculated using the applicable Rental Constant as set forth in paragraph 3 (but with the applicable Subground Lease Annual Payment included only once in calculating base rent in the aggregate for both the original Building and the Expansion Space). If the initial Lease Term is extended as provided above, then (i) the Rental Constant for calculating annual base rent for years 16 through 20, or portion thereof, and, if applicable, for years 21 through 25, or portion thereof, shall be computed on the basis of a 2% yearly increase compounded annually in base rent over years 11 through 15 for calculating base rent for years 16 through 20 and then, if applicable, over years 16 through 20 for calculating base rent for years 21 through 25, and (ii) the Subground Lease Annual Payment shall be equal to the applicable annual rent payable under the Subground Lease for the corresponding year of the Lease Term. The amendment will further state that, except as specifically provided to the contrary in this paragraph 32, all of the terms and conditions of this the Lease shall apply theretoto the Expansion Space. If the parties cannot agree upon the amendment in sufficient time for Landlord to commence and complete the Expansion Space by the target completion date, as then Landlord shall not be obligated thereafter to proceed with construction of a date the Expansion Space.
32.7 If Landlord elects under subpart (the "Expansion Date"B) that is the earlier of (i) the date Tenant first commences business operations in either paragraphs 32.3 or 32.4 not to construct or have constructed the Expansion Space, or if Tenant is not satisfied with Landlord's proposal for the Expansion Space, Tenant shall have the right to construct the Expansion Space at its own expense in accordance with the terms of this paragraph 32. If Tenant elects to construct the Expansion Space, all construction must be performed in accordance with plans mutually acceptable to Landlord and Tenant and complying with all applicable laws, rules and regulations, the Ground Lease, the Subground Lease and recorded covenants, conditions and restrictions (ii) including without limitation, the first day Declaration). Tenant will be responsible for obtaining at Tenant's expense all necessary permits, consents and approvals, and Landlord shall cooperate with and assist Tenant as necessary to enable Tenant to complete the desired construction. Tenant agrees to carry insurance in commercially reasonable coverages and amounts with respect to the construction satisfactory to Landlord. Tenant shall also obtain payment and performance bonds to insure for the benefit of Landlord the thirteenth (13th) full month of completion and payment for the Term.
(f) As construction work and shall, prior to beginning construction, record a bond satisfying the statutory requirements for keeping the Premises lien free with respect to Tenant's construction of the Expansion Date:
(i) Base Rent shall Space. If the construction is undertaken and paid for by Tenant, Tenant will not be increased by an amount equal required to One Hundred Seventy-Six Thousand Two Hundred Fifty and 00/100 Dollars ($176,250.00) per year (which is based on $11.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in pay base monthly installments of Fourteen Thousand Six Hundred Eighty-Seven and 50/100 Dollars. ($14,687.50), pro-rated for any partial month, provided that if the Expiration Date is before the first day of the thirteenth (13th) full month of the Term, then Base Rent for rent with respect to the Expansion Space for any period during the period from Lease Term as extended, including during any Renewal Terms, but shall pay Operating Costs. Under no circumstances shall Landlord be required to obligate itself or encumber the Expansion Date Premises for financing to pay the first day of the thirteenth (13th) full month of the term shall be payable at the rate of One Hundred Sixteen Thousand Two Hundred Fifty and 00/100 Dollars ($116,250.00) per year (which is based on $7.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's Architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Nine Thousand Six Hundred Eighty-Seven and 50/100 Dollars ($9,687.50), pro-rated costs for any partial month.
(ii) Tenant's Building Percentage shall be increased to reflect the number construction of Rentable Square Feet in the Expansion Space.
(iii) Tenant 32.8 The duties and obligations of Landlord under this paragraph 32 shall not be entitled to park an additional forty (40) cars in the Building Lot binding upon and an additional five (5) cars in the Adjacent Lot.
(g) All need not be performed by any mortgagee, trust deed beneficiary or other holder of the terms and conditions of this Lease, except for Articles 4 and 5, shall apply to the period of time commencing a financing lien on the date Landlord delivers vacant possession of Premises or their successors and assigns; provided, however, the foregoing shall not impair or otherwise prejudice Tenant's right under paragraph 32.7 to construct the Expansion Space to Tenant and ending on the Expansion DateSpace.
Appears in 1 contract
Sources: Lease Agreement (Wells Real Estate Investment Trust Inc)
Expansion. During the initial thirty-six (a36) In order to exercise this option, Tenant must so notify Landlord, in writing, on or before the last day of the ninth (9th) full month months of the Term, time being Tenant shall have the right to request additional space on the second and fourth floor within the Office Unit from Landlord to the extent space is available. Tenant shall be deemed to agree to lease any such expansion space on the same terms and conditions as this Lease, except that (i) the definition of Premises shall be amended to include the expansion space, (iii) the Fixed Basic Rent payable for the expansion space shall be equal to the per square foot amount of Fixed Basic Rent then payable for the Premises, which shall be subject to adjustment pursuant to Section 1.N, (iv) Tenant’s Proportionate Share of Operating Expenses and Increases in Real Estate Taxes shall be proportionately increased based upon the addition of the essence.
expansion space to the Premises, (bv) Landlord shall deliver vacant possession of the Expansion Space to Tenant upon receipt of Tenant's exercise notice, and Tenant shall accept the Expansion Space expansion space in a strictly "its “as is" ” condition, except that Landlord shall be responsible for removing or demolishing the built-in equipment (but not any permanent improvements such as walls, floors and ceilings) that make up the cafeteria in the Expansion Space.
(c) Tenant shall be responsible for all build-out and/or interior finish work that it shall require in the Expansion Space, which work (the "Expansion Work") shall be subject to the provisions of Article 15 hereof.
(dvi) Landlord shall provide Tenant with an the same per square foot Tl Allowance as was provided for the Premises as a tenant improvement allowance of up to Thirty- Five Thousand and 00/100 Dollars ($35,000.00) toward for the cost expansion space but ratably reduced based on the length of the Expansion Work, which allowance shall be paid by Landlord remaining term after the expansion space is delivered to Tenant within thirty (30) days after the following has occurred:
(i) Tenant has provided Landlord with a certificate of occupancy for the Expansion Space, and a certificate from Landlord's architect that construction of tenant improvements within the Expansion Work has been substantially completed in accordance with the plans and specifications that have been expansion space as approved by Landlord; and
, (iivii) Tenant has provided Landlord with a detailed invoice shall provide the same number of parking spaces per square foot of the costs incurred.
expansions space that was provided for the Premises, (eviii) The Expansion Space shall become part the term of the Leased PremisesLease shall commence with respect to the expansion space and Tenant shall commence paying Fixed Basic Rent and Additional Rent on the date that is not greater than six (6) months after the delivery of Tenant’s request to expand, and all of the terms and conditions of this Lease shall apply thereto, as of a date (the "Expansion Date") that is the earlier of (iix) the date Tenant first commences business operations Termination Fee (as defined in the Expansion Space, or (iiSection 29) the first day of the thirteenth (13th) full month of the Term.
(f) As of the Expansion Date:
(i) Base Rent shall be increased by an amount equal to One Hundred Seventy-Six Thousand Two Hundred Fifty and 00/100 Dollars ($176,250.00) per year (which is based on $11.75 per Rentable Square Foot and shall be adjusted if the measurement 50% of the Expansion Space by Landlord's architect discloses a different number of Rentable Square Feet in Fixed Basic Rent payable for such expansion space for the Expansion Space)ninth, payable in monthly installments of Fourteen Thousand Six Hundred Eighty-Seven tenth and 50/100 Dollars. ($14,687.50), pro-rated for any partial month, provided that if the Expiration Date is before the first day of the thirteenth (13th) full month eleventh years of the Term, then Base Rent for the Expansion Space for the period from the Expansion Date to the first day of the thirteenth (13th) full month of the term shall be payable at the rate of One Hundred Sixteen Thousand Two Hundred Fifty and 00/100 Dollars ($116,250.00) per year (which is based on $7.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's Architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Nine Thousand Six Hundred Eighty-Seven and 50/100 Dollars ($9,687.50), pro-rated for any partial month.
(ii) Tenant's Building Percentage shall be increased to reflect the number of Rentable Square Feet in the Expansion Space.
(iii) Tenant shall be entitled to park an additional forty (40) cars in the Building Lot and an additional five (5) cars in the Adjacent Lot.
(g) All of the terms and conditions of this Lease, except for Articles 4 and 5, shall apply to the period of time commencing on the date Landlord delivers vacant possession of the Expansion Space to Tenant and ending on the Expansion Date.
Appears in 1 contract
Sources: Lease Agreement (Duolingo, Inc.)
Expansion. (a) In order to exercise this optionOne year after the Rent Commencement Date, provided Tenant must so notify Landlord, is not in writing, on or before the last day default under any of the ninth terms or conditions of this Lease. Landlord agrees that Tenant shall have the right to relocate to other space in the Project or other space located in the City of San Diego which is owned by Landlord or The Naim▇▇ ▇▇▇pany (9ththe "New Space") full month of on the Term, time being of the essence.following terms and conditions:
(b1) The New Space shall be at least fifty percent (50.0%) sq. ft. larger than the Premises;
(2) Tenant provides Landlord shall deliver vacant possession of the Expansion Space to Tenant upon receipt with a sixty (60) day written notice of Tenant's exercise noticedesire to relocate to the New Space;
(3) Any and all costs of both Landlord and Tenant, including without limitation legal fees incurred by Landlord in drafting a new lease for the New Space (which legal fees shall not exceed $1,000), all of Tenant's moving and relocation expenses and any brokerage commissions that may become payable to third parties by reason of Tenant's relocation shall be paid solely by Tenant;
(4) Tenant continues to make payment of all items of rent, both Basic Annual Rent and Additional Rent, and any other payment required to be made under the Lease until Tenant shall accept the Expansion Space in a strictly "as is" condition, except that Landlord shall be responsible for removing or demolishing the built-in equipment (but not any permanent improvements such as walls, floors and ceilings) that make up the cafeteria in the Expansion Space.is released from liability under this Lease;
(c5) Tenant The monthly Basic Annual Rent for the New Space shall be responsible for all build-out and/or interior finish work that it shall require in the Expansion Space, which work (the "Expansion Work") shall be subject to the provisions of Article 15 hereof.
(d) Landlord shall provide Tenant with an allowance of up to Thirty- Five Thousand and 00/100 not exceed Two Dollars ($35,000.002.00) toward per sq. ft. of Rentable Area in the cost New Space, increased at the rate of eight percent (8.0%) per annum for each year (or portion thereof) between the Commencement Date of this Lease and the commencement date of the Expansion Work, which allowance shall be paid by Landlord to Tenant within thirty (30) days after lease for the following has occurred:New Space;
(i6) Tenant has provided Landlord with executes a certificate of occupancy for the Expansion Space, new lease on terms and a certificate from Landlord's architect that the Expansion Work has been substantially completed in accordance with the plans and specifications that have been approved by conditions reasonably acceptable to Landlord; and
(ii7) Tenant has provided Landlord with a detailed invoice Effective as of the costs incurred.
(e) The Expansion Space shall become part commencement date of the Leased lease for the New Space, Tenant shall be released from liability under this Lease except for liabilities or obligations arising from or relating to events or circumstances occurring prior to such date. FIRE OR CASUALTY PARAGRAPH 12 In the event the Premises, or access to them, are wholly or partially destroyed by fire or other casualty covered by the form of property insurance maintained by Landlord, Landlord shall rebuild, repair or restore the Premises and access thereto to substantially the same condition as when the same were furnished to Tenant, excluding any improvements installed by Tenant, and the Lease shall continue in full force and effect. In the event, however, that the Building is so damaged or destroyed to the extent of more than one-third (1/3) of its replacement cost, or to any substantial extent by a casualty not so covered, Landlord may elect to terminate this Lease in lieu of so restoring the Premises. Landlord shall in no event be obligated to make any repairs or replacement of any items other than those items installed by or at the expense of Landlord. If the Premises are damaged or destroyed to the extent that more than one-third (1/3) of the Rentable Area of the Premises are rendered untenantable, rent shall abat▇ ▇▇▇ing the period of reconstruction, except to the extent that proceeds of the policy of Business Interruption Insurance required to be maintained by Tenant are available to pay the rent due hereunder. Tenant hereby waives all of the terms its rights under California Civil Code Sections 1932 and conditions of 1933 to terminate this Lease upon the damage or destruction of the Premises or access thereto. EMINENT DOMAIN PARAGRAPH 13 In case the whole of the Premises, or such part thereof as shall apply theretosubstantially interfere with Tenant's use and occupancy thereof, shall be taken by any lawful power or authority by exercise of the right of eminent domain, or sold to prevent such taking, either Tenant or Landlord may terminate this Lease effective as of a date (the "Expansion Date") that is the earlier of (i) the date possession is required to be surrendered to said authority, except as provided herein. Tenant first commences business operations in shall not because of such taking assert any claim against Landlord or the Expansion Space, or (ii) the first day of the thirteenth (13th) full month of the Term.
(f) As of the Expansion Date:
(i) Base Rent shall be increased by an amount equal to One Hundred Seventy-Six Thousand Two Hundred Fifty and 00/100 Dollars ($176,250.00) per year (which is based on $11.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Fourteen Thousand Six Hundred Eighty-Seven and 50/100 Dollars. ($14,687.50), pro-rated taking authority for any partial monthcompensation because of such taking, provided that if the Expiration Date is before the first day of the thirteenth (13th) full month of the Term, then Base Rent for the Expansion Space for the period from the Expansion Date to the first day of the thirteenth (13th) full month of the term shall be payable at the rate of One Hundred Sixteen Thousand Two Hundred Fifty and 00/100 Dollars ($116,250.00) per year (which is based on $7.75 per Rentable Square Foot and shall be adjusted if the measurement of the Expansion Space by Landlord's Architect discloses a different number of Rentable Square Feet in the Expansion Space), payable in monthly installments of Nine Thousand Six Hundred Eighty-Seven and 50/100 Dollars ($9,687.50), pro-rated for any partial month.
(ii) Tenant's Building Percentage shall be increased to reflect the number of Rentable Square Feet in the Expansion Space.
(iii) Tenant Landlord shall be entitled to park an additional forty (40) cars in receive the Building Lot and an additional five (5) cars in entire amount of any award without deduction for any estate or interest of Tenant. In the Adjacent Lot.
(g) All event the amount of property or the type of estate taken shall not substantially interfere with Tenant's use of the terms and conditions of this LeasePremises, except for Articles 4 and 5, Landlord shall apply be entitled to the period of time commencing on the date Landlord delivers vacant possession entire amount of the Expansion Space award without deduction for any estate or interest of Tenant. In such event, Landlord shall promptly proceed to restore the Premises to substantially their condition prior to such partial taking, and a proportionate allowance shall be made to Tenant for the rent corresponding to the time during which, and ending to the part of the Premises of which, Tenant shall be so deprived on account of such taking and restoration. Nothing contained in this Paragraph 13 shall be deemed to give Landlord any interest in, or prevent Tenant from seeking any award against the Expansion Datetaking authority for, the taking of personal property and fixtures belonging to Tenant or for relocation or business interruption expenses recoverable from the taking authority.
Appears in 1 contract