Expansion. Lessee shall have a right of first offer (“ROFO”) to lease additional space as it becomes available in the Building (“ROFO Space”) during the initial Term of the Lease, provided (a) Lessee is the party originally named herein or a permitted affiliate assignee, (b) Lessee actually occupies and operates its business in at least 80% of the Leased Premises, (c) no event of Default of the Lessee’s obligations hereunder beyond all applicable notice and cure periods exists as of the date of exercise of the rights described in this Article 41. For purposes hereof, the ROFO Space will be available when it is vacant or otherwise ready, in Lessor’s commercially reasonable judgment, to be marketed by Lessor to third parties other than the then existing tenant or then current occupant thereof. Lessor shall give Lessee prompt written notice of the availability of the ROFO Space. Lessee shall have twenty (20) days from the receipt of ▇▇▇▇▇▇’s notice to notify Lessor whether Lessee wishes to lease the ROFO Space. Except for the length of lease term thereof, the lease for the ROFO Space will be on substantially similar terms to this Lease. To exercise the ROFO, a minimum term of five (5) years will be required for the existing Leased Premises and ROFO Space, such space leases to be co-terminus. If, in any particular instance, Lessee does not exercise its ROFO, after the ROFO Space in question has been leased by Lessor to a third party, if the ROFO Space should again become available, Lessee shall again have the first right to lease with respect thereto as set forth in this Article 41.
Appears in 2 contracts
Sources: Lease Agreement (Allurion Technologies Holdings, Inc.), Lease Agreement (Allurion Technologies Holdings, Inc.)
Expansion. Lessee (a) This Article 22 shall apply if and only if either (i) Tenant shall have a right exercised the IP Extension Deletion Option and the IP Extension Deleted Space shall have been deleted from the Premises, as provided in Section 3.3.6, or (ii) Tenant shall have exercised the Minimum Area Deletion Option and the Minimum Area Deleted Space shall have been deleted from the Premises, as provided in Section 3.3.8. If this Article 22 is applicable, at any time upon request of first offer Tenant, Landlord shall advise Tenant of the scheduled expiration dates of space scheduled to become available in the Building, to the extent then known by Landlord, and shall permit Tenant to inspect such space.
(b) Provided that, at the time of each exercise (i) there then exists no Event of Default or condition or state of facts which with the passage of time or giving of notice, or both, would constitute an Event of Default, and (ii) this Lease is then in full force and effect, Tenant shall have the option at four (4) times specified below in subsection (b) (each, an “ROFOExpansion Option”) to lease expand the floor area of the Premises by adding additional space as it becomes available in (the Building (“ROFO Expansion Option Space”) during in full floor increments only, up to the initial Term maximum amount of the Lease, provided (a) Lessee is the party originally named herein or a permitted affiliate assignee, (b) Lessee actually occupies and operates its business rentable square feet designated in at least 80% of the Leased Premises, section (c) no event of Default below. Tenant may elect to add Expansion Option Space to its Premises if, but only if, not less than fifteen (15) months before the commencement of the Lessee’s obligations hereunder beyond all applicable Leeway Period (defined in subsection (c) below), Tenant has given notice and cure periods exists as of its exercise of each respective Expansion Option to Landlord.
(c) Provided Tenant has validly exercised an applicable Expansion Option, Landlord shall have the flexibility of delivering possession of the date of exercise of the rights described in this Article 41. For purposes hereof, the ROFO Space will be available when it is vacant or otherwise ready, in Lessor’s commercially reasonable judgment, to be marketed by Lessor to third parties other than the then existing tenant or then current occupant thereof. Lessor shall give Lessee prompt written notice of the availability of the ROFO Space. Lessee shall have twenty (20) days from the receipt of ▇▇▇▇▇▇’s notice to notify Lessor whether Lessee wishes to lease the ROFO Space. Except for the length of lease term thereof, the lease for the ROFO Space will be on substantially similar terms to this Lease. To exercise the ROFO, a minimum term of five (5) years will be required for the existing Leased Premises and ROFO Expansion Option Space, such space leases (or portions thereof subject to be co-terminus. If, in any particular instance, Lessee does not exercise its ROFO, after the ROFO Space in question has been leased by Lessor to a third party, if the ROFO Space should again become available, Lessee shall again have the first right to lease with respect thereto as limitations hereinafter set forth in this Article 41.subparagraph), at any time within a twelve (12) month period (the “Leeway Period”) specified below: April 1, 2008 and April 1, 2009 25% April 1, 2010 and April 1, 2011 25% April 1, 2013 and April 1, 2014 25% April 1, 2015 and April 1, 2016 25%
Appears in 1 contract
Expansion. Subject to the provisions of this Section, Lessee shall have a right of first offer the option (“ROFO”the "Expansion Option") to lease additional space as it becomes available subject the second floor of the Building, containing approximately 6,500 rentable square feet (the "Expansion Premises"), to all of the terms of this Lease (except for Basic Rent, which shall be calculated in the Building manner provided below). Lessee acknowledges that the Expansion Premises are currently occupied by another lessee (“ROFO Space”"Current Occupant") during the initial Term whose lease expires on or about December 31, 1994. Provided that both (i) an "Event of the Lease, provided Default" (aas hereinafter defined) Lessee has not occurred and is the party originally named herein or a permitted affiliate assignee, (b) Lessee actually occupies and operates its business in at least 80% of the Leased Premises, (c) no event of Default of the Lessee’s obligations hereunder beyond all applicable notice and cure periods exists not then continuing as of the day on which Lessee purports to exercise the option herein granted, and (ii) as of such date of exercise the Lessee named herein is actually occupying at least twenty-five (25%) percent of the rights described in this Article 41. For purposes hereofPremises, Lessee shall have the ROFO Space will be available when it is vacant or otherwise readyright to lease the Expansion Premises for a term commencing on the date on which Lessor delivers possession thereof to Lessee, in Lessor’s commercially reasonable judgmentand ending on the last day of the "Lease Term" (as hereinafter defined), to be marketed by Lessor to third parties other than the then existing tenant or then current occupant thereof. Lessor shall give Lessee prompt giving written notice of the availability of the ROFO Spaceexercise to Lessor not later than July 1, 1994. If Lessee shall have twenty (20) days from the receipt of ▇▇▇▇▇▇’s notice to notify Lessor whether Lessee wishes exercises its right under this Section to lease the ROFO Space. Except for the length of lease term thereofExpansion Premises, the lease for the ROFO Space will be on substantially similar terms to this Lease. To exercise the ROFO, a minimum term of five (5) years will be required for the existing Leased Premises and ROFO Space, then such space leases shall become subject to all of the terms of this Lease EXCEPT that "Basic Rent" for such space shall be co-terminusin an amount equal to the "Fair Market Value" thereof (as these terms are hereinafter defined). IfIn the event that Lessee, in for any particular instancereason whatsoever, Lessee does not exercise its ROFOfails or refuses to give such notice by July 1, after the ROFO Space in question has been leased by Lessor to a third party, if the ROFO Space should again become available1994, Lessee shall again be deemed to have the first right to lease waived its rights under this Section with respect thereto as set forth in this Article 41to the Expansion Premises for the remainder of the Lease Term.
Appears in 1 contract
Sources: Lease (Alkermes Inc)
Expansion. Lessee (a) This Article 22 shall apply if and only if either (i) Tenant shall have a right exercised the IP Extension Deletion Option and the IP Extension Deleted Space shall have been deleted from the Premises, as provided in Section 3.3.6, or (ii) Tenant shall have exercised the Minimum Area Deletion Option and the Minimum Area Deleted Space shall have been deleted from the Premises, as provided in Section 3.3.8. If this Article 22 is applicable, at any time upon request of first offer (“ROFO”) Tenant, Landlord shall advise Tenant of the scheduled expiration dates of space scheduled to lease additional space as it becomes become available in the Building (“ROFO Space”) during Building, to the initial Term of the Leaseextent then known by Landlord, provided (a) Lessee is the party originally named herein or a permitted affiliate assignee, and shall permit Tenant to inspect such space.
(b) Lessee actually occupies Provided that, at the time of each exercise (i) there then exists no Event of Default or condition or state of facts which with the passage of time or giving of notice, or both, would constitute an Event of Default, and operates its business (ii) this Lease is then in full force and effect, Tenant shall have the option at least 80% four (4) times specified below in subsection (b) (each, an "Expansion Option") to expand the floor area of the Leased PremisesPremises by adding additional space (the "Expansion Option Space") in full floor increments only, up to the maximum amount of rentable square feet designated in section (c) no event of Default below. Tenant may elect to add Expansion Option Space to its Premises if, but only if, not less than fifteen (15) months before the commencement of the Lessee’s obligations hereunder beyond all applicable Leeway Period (defined in subsection (c) below), Tenant has given notice and cure periods exists as of its exercise of each respective Expansion Option to Landlord.
(c) Provided Tenant has validly exercised an applicable Expansion Option, Landlord shall have the flexibility of delivering possession of the date of exercise of the rights described in this Article 41. For purposes hereof, the ROFO Space will be available when it is vacant or otherwise ready, in Lessor’s commercially reasonable judgment, to be marketed by Lessor to third parties other than the then existing tenant or then current occupant thereof. Lessor shall give Lessee prompt written notice of the availability of the ROFO Space. Lessee shall have twenty (20) days from the receipt of ▇▇▇▇▇▇’s notice to notify Lessor whether Lessee wishes to lease the ROFO Space. Except for the length of lease term thereof, the lease for the ROFO Space will be on substantially similar terms to this Lease. To exercise the ROFO, a minimum term of five (5) years will be required for the existing Leased Premises and ROFO Expansion Option Space, such space leases (or portions thereof subject to be co-terminus. If, in any particular instance, Lessee does not exercise its ROFO, after the ROFO Space in question has been leased by Lessor to a third party, if the ROFO Space should again become available, Lessee shall again have the first right to lease with respect thereto as limitations hereinafter set forth in this Article 41.subparagraph), at any time within a twelve (12) month period (the "Leeway Period") specified below: Leeway Period Approximate MaximumPercentage of IP Extension Deleted Space orAdditional Space, as Applicable April 1, 2008 and April 1, 2009 25% April 1, 2010 and April 1, 2011 25% April 1, 2013 and April 1, 2014 25% April 1, 2015 and April 1, 2016 25% _____________________________
Appears in 1 contract
Sources: Lease Agreement (Etre Reit, LLC)