Common use of GRANT OF THE LEASE Clause in Contracts

GRANT OF THE LEASE. 13.1 Subject to the above provisions of this Agreement the Landlord shall grant or procure the grant of and the Tenant shall accept the Lease and the Licence for Alterations which shall both be completed on the date falling five Working Days from the latest of the Date of Practical Completion the date of determination of the Net Internal Area of the Premises pursuant to clause 6 and the provision of the final warranty agreement pursuant to clause 7. 13.2 The initial annual rent first reserved by the Lease shall be ascertained by multiplying by (pound)20 the number of square feet comprised in the Net Internal Area of the Premises and shall be payable on and from the Rent Commencement Date up to and including the Rental Uplift Date Provided Always that if the Landlord's Works have not been practically completed by the Landlord's Works Completion Date then such initial annual rent shall not be payable during the period commencing on the Rent Commencement Date for a period equal to the number of days commencing on the Landlord's Works Completion Date and expiring on the Date of Practical Completion. 13.3 On and from the Rental Uplift Date until the First Review Date the annual rent reserved by the Lease shall be ascertained by multiplying by (pound)25 the number of square feet comprised in the Net Internal Area of the Premises. 13.4 The Tenant shall on and from the date of completion of the Lease in accordance with clause 13.1 pay to the Landlord 13.4.1 the Rent payable on and from the Rent Commencement Date; 13.4.2 the insurance rent and service charge payable on and from the Term Commencement Date credit being given for any licence fee or other monies paid in advance and attributable to any period arising after the grant of the Lease. 13.5 The Rent Review Dates specified in the Particulars of the Lease shall be the dates of expiry of the fifth and tenth years of the term of the Lease. 13.6 The Lease shall be for a term of 15 years from and including the Term Commencement Date. 13.7 Engrossments of the Lease and the Licence for Alterations and their respective counterparts shall be prepared and delivered to the Tenant by the Landlord's Solicitors not less than ten Working Days prior to the date of completion as defined in clause 13.1. 13.8 The Tenant shall provide the Landlord's Solicitors with four complete sets of all plans drawings and other documents referred to in the Licence for Alterations. 13.9 The Tenant and the Landlord shall execute the originals and counterparts (as appropriate) and return them unconditionally to the other's Solicitors. 13.10 On or before the date of completion as defined in clause 13.1 the Tenant shall provide the Landlord's solicitors with a duly signed opinion letter in the form of the draft annexed hereto or such other form as the parties acting reasonably shall agree. 13.11 Without prejudice to any other provision of this Agreement the Tenant shall subject to the Landlord using all reasonable endeavours to mitigate any loss suffered indemnify the Landlord against any loss suffered by the Landlord resulting from any failure by the Tenant to comply with the provisions of clause 13.1

GRANT OF THE LEASE. 13.1 Subject to 5.1 Upon the above provisions of this Agreement Completion Date the Landlord shall grant or procure the grant of Lease the Side letter and the Licence to Alter and the Tenant shall accept the Lease the Side letter and the Licence for Alterations which to Alter and the parties shall both enter into the Deposit Deed 5.2 The Lease the Deposit Deed the Sideletter and the Licence to Alter and Counterparts thereof shall be completed on prepared by the date falling five Working Days from Landlord’s Solicitors and shall be executed respectively by the latest Landlord and the Tenant 5.3 On Completion the Landlord shall provide to the Tenant the Landlord’s Warranty the Warranties and the Environmental Warranty duly executed by the Landlord, the Professionals and the Environmental Consultant as the case may be and save in the case of the Date Landlord together with certified copies of Practical their respective appointments and professional indemnity cover 5.4 Completion shall take place at the date of determination offices of the Net Internal Area Landlord’s Solicitors or at such other place as they shall reasonably require 5.5 If the Tenant has not provided full details of the Premises Approval Items pursuant to clause 6 and 6.2 for the provision purpose of the final warranty agreement pursuant Licence to clause 7Alter not less than 14 days prior to the Completion Date (or if no such Approval Items are to be undertaken then if the Tenant has not provided details of the Tenant’s Works to be undertaken generally for the purposes of the Licence to Alter) completion of such Licence shall take place within 14 days of the Landlord’s Solicitors submitting the engrossment of a counterpart Licence to Alter to the Tenant which they shall do promptly following the approval by the Landlord of the Approval Items or following receipt of such details (as the case may be) and in any event both parties shall bear their own costs in respect of the Licence to Alter. 13.2 5.6 The initial annual rent first reserved Tenant shall pay to the Landlord on the Completion Date the sum of £319,109.58 as referred to in the Deposit Deed on the Completion Date 5.7 If the Tenant has not provided full details of the plan and method statement for the purposes of the Sideletter for approval by the Lease shall be ascertained by multiplying by Landlord (pound)20 the number of square feet comprised in the Net Internal Area of the Premises and shall be payable on and from the Rent Commencement Date up to and including the Rental Uplift Date Provided Always that if the Landlord's Works have not been practically completed by the Landlord's Works Completion Date then such initial annual rent which approval shall not be payable during unreasonably withheld or delayed) not less than 14 days prior to the period commencing on Completion Date completion of such Sideletter shall take place within 14 days of the approval by the Landlord of the plan and method statement 5.8 On completion of the Lease: (i) the Rent Commencement Date for a period equal to the number of days commencing on the Landlord's Works Completion Date and expiring on the Date of Practical Completion. 13.3 On and from the Rental Uplift Date until the First Review Date the annual rent reserved by the Lease Dates shall be ascertained by multiplying by (pound)25 inserted being the number fifth anniversary of square feet comprised in the Net Internal Area of the Premises. 13.4 The Tenant shall on and from the date of completion of the Lease in accordance with Lease (ii) In clause 13.1 pay to 8 the Landlord 13.4.1 the Rent payable on and from the Rent Commencement Date; 13.4.2 the insurance rent and service charge payable on and from the Term Commencement Renewal Date credit being given for any licence fee or other monies paid in advance and attributable to any period arising after the grant of the Lease. 13.5 The Rent Review Dates specified in the Particulars of the Lease shall be inserted being the dates of expiry of the fifth and tenth years twentieth anniversary of the term of the Lease. 13.6 The Lease shall be for a term of 15 years from and including the Term Commencement Date. 13.7 Engrossments commencement date of the Lease and the Licence for Alterations and their respective counterparts such date shall be prepared and delivered to inserted into clause 8.5.1 of the Tenant by Lease (iii) In clause 9 the Landlord's Solicitors not less than ten Working Days prior to Renewal Date shall be inserted being the twentieth-fifth anniversary of the term commencement date of completion as defined in the Lease and such date shall be inserted into clause 13.1. 13.8 The Tenant shall provide the Landlord's Solicitors with four complete sets 9.5.1 of all plans drawings and other documents referred to in the Licence for Alterations. 13.9 The Tenant and the Landlord shall execute the originals and counterparts (as appropriate) and return them unconditionally to the other's Solicitors. 13.10 On or before the date of completion as defined in clause 13.1 the Tenant shall provide the Landlord's solicitors with a duly signed opinion letter in the form of the draft annexed hereto or such other form as the parties acting reasonably shall agree. 13.11 Without prejudice to any other provision of this Agreement the Tenant shall subject to the Landlord using all reasonable endeavours to mitigate any loss suffered indemnify the Landlord against any loss suffered by the Landlord resulting from any failure by the Tenant to comply with the provisions of clause 13.1Lease