Common use of Improvements to Expansion Space Clause in Contracts

Improvements to Expansion Space. Landlord shall perform Landlord Work in the Expansion Space in accordance with the terms and conditions of Exhibit C to the Lease, including without limitation, the Plans described in Exhibit C to the Lease (to the extent applicable to the Expansion Space). Landlord agrees to proceed in good faith to complete the Landlord Work in the Expansion Space within a reasonable time following the execution of this Amendment. Notwithstanding the foregoing, the Expansion Effective Date and, accordingly, Tenant's obligation to pay Base Rental and Additional Base Rental for the Expansion Space shall not be postponed as a result of Landlord's failure to complete the Landlord Work by the Expansion Effective Date, it being agreed that the Base Rental Abatement set forth in Article VI.1 hereof is intended to compensate Tenant for any such delays. Notwithstanding the foregoing, if the Landlord Work in the Expansion Space is not substantially completed on or before eighty-four (84) days after the date on which a copy of this Amendment, executed by Tenant, is delivered to Landlord (the "Inside Completion Date"), Tenant, as its sole remedy, shall be entitled to receive a credit against Base Rental in the amount of $368.18 per day for each day in the period beginning on the Inside Completion Date and ending on the earlier to occur at (x) the day prior to the date on which the Landlord Work in the Expansion Space is substantially completed and (y) the day prior to the date the Landlord Work in the Expansion Space would have been substantially completed absent any Delays by Tenant and events of Force Majeure. Such Rent credit shall be applied against Base Rental beginning on June 1, 1995 and shall continue from day to day thereafter until Tenant has received the full value of the Rent credit provided herein. In addition, if the Landlord Work in the Expansion Space is not substantially completed by one hundred eighty (180) days after the date on which a copy of this Amendment, executed by Tenant, is delivered to Landlord, as such date shall be extended on a day by day basis by the number of days of delay resulting from Tenant Delays and events of Force Majeure (the "Outside Completion Date"), then Tenant, as its sole remedy, shall be entitled to terminate this Lease with respect to the Expansion Space only by providing written notice of termination to Landlord by the later to occur of five (5) days after the Outside Completion Date, as the same may be extended, or the date on which Landlord Work in the Expansion Space is substantially completed. Notwithstanding the foregoing, if Landlord determines that it will be unable to substantially complete the Landlord Work in the Expansion Space by the Outside Completion Date, Landlord shall have the right to provide Tenant with written notice (the "Outside Extension Notice") of such inability, which Outside Extension Notice shall set forth the date on which Landlord reasonably believes that it will be able to substantially complete the Landlord Work. Upon receipt of to Outside Extension Notice, Tenant shall have the right to terminate this Lease with respect to the Expansion Space only by providing written notice of termination to Landlord within five (5) days after the date of the Outside Extension Notice. In the event that Tenant does not terminate this Lease with respect to the Expansion Space within such five (5) day period, the Outside Completion Date shall automatically be amended to be the date set forth in Landlord's Outside Extension Notice, as such date may thereafter be extended in accordance the terms hereof.

Appears in 1 contract

Sources: Office Lease (Phoenix International Life Sciences Inc)

Improvements to Expansion Space. Landlord agrees to construct certain tenant improvements (the "Right of First Refusal Space Improvements") to the Right of First Refusal Space. The Right of First Refusal Space Improvements shall perform Landlord Work in the Expansion Space be constructed in accordance with the terms a space plan and conditions work letter to be prepared by Landlord's space planner and approved by Landlord and Tenant. The Right of Exhibit C First Refusal Space Improvements shall be similar to the Lease, including without limitation, the Plans initial Tenant Improvements described in Exhibit C to the Lease Lease. Landlord shall pay for the cost of the Right of First Refusal Space Improvements up to a maximum of $97,977.82 (the "Right of First Refusal Allowance"). The Right of First Refusal Allowance shall be applied by Landlord exclusively toward the cost of Right of First Refusal Space Improvements and Design Costs and Moving Costs related to the extent applicable Right of First Refusal Space. Tenant shall pay all costs in excess of the Right of First Refusal Space Allowance directly to the Expansion Space)Landlord's contractor promptly upon receipt of an invoice for such excess cost. Landlord agrees that all subcontracts will be competitively bid to proceed in at least two contractors. If ▇▇▇▇▇▇ Construction bids on any of the major subtrades, those projects shall be put out to bid to at least two additional contractors. Tenant shall prepare a bid spreadsheet for Landlord and Tenant to review for all trades and subcontracts. Unless mutually agreed upon by Landlord and Tenant, ▇▇▇▇▇▇ Construction shall select the lowest bidder for each trade and subcontract. Landlord shall use its good faith to complete the Landlord Work in the Expansion Space within a reasonable time following the execution of this Amendment. Notwithstanding the foregoing, the Expansion Effective Date and, accordingly, Tenant's obligation to pay Base Rental and Additional Base Rental for the Expansion Space shall not be postponed as a result of Landlord's failure to complete the Landlord Work by the Expansion Effective Date, it being agreed that the Base Rental Abatement set forth in Article VI.1 hereof is intended to compensate Tenant for any such delays. Notwithstanding the foregoing, if the Landlord Work in the Expansion Space is not substantially completed on or before eighty-four (84) days after the date on which a copy of this Amendment, executed by Tenant, is delivered to Landlord (the "Inside Completion Date"), Tenant, as its sole remedy, shall be entitled to receive a credit against Base Rental in the amount of $368.18 per day for each day in the period beginning on the Inside Completion Date and ending on the earlier to occur at (x) the day prior to the date on which the Landlord Work in the Expansion Space is substantially completed and (y) the day prior to the date the Landlord Work in the Expansion Space would have been substantially completed absent any Delays by Tenant and events of Force Majeure. Such Rent credit shall be applied against Base Rental beginning on June 1, 1995 and shall continue from day to day thereafter until Tenant has received the full value of the Rent credit provided herein. In addition, if the Landlord Work in the Expansion Space is not substantially completed by one hundred eighty (180) days after the date on which a copy of this Amendment, executed by Tenant, is delivered to Landlord, as such date shall be extended on a day by day basis by the number of days of delay resulting from Tenant Delays and events of Force Majeure (the "Outside Completion Date"), then Tenant, as its sole remedy, shall be entitled to terminate this Lease with respect to the Expansion Space only by providing written notice of termination to Landlord by the later to occur of five (5) days after the Outside Completion Date, as the same may be extended, or the date on which Landlord Work in the Expansion Space is substantially completed. Notwithstanding the foregoing, if Landlord determines that it will be unable efforts to substantially complete the Right of First Refusal Space Improvements on or before March 1, 1998; provided, that if Landlord Work has not substantially completed the improvements by March 1, 1998, then this Amendment shall not be void or voidable, nor shall Landlord be liable to Tenant for any loss or damage resulting therefrom, but in the Expansion Space by the Outside Completion Date, Landlord shall have the right to provide Tenant with written notice (the "Outside Extension Notice") of such inability, which Outside Extension Notice shall set forth the date on which Landlord reasonably believes that it will be able to substantially complete the Landlord Work. Upon receipt of to Outside Extension Notice, event Tenant shall have not commence paying rent for the right to terminate this Lease with respect Right of First Refusal Space until Landlord has substantially completed such improvements (except to the Expansion Space only extent that any delay is caused by providing written notice of termination to Landlord within five (5) days after the date of the Outside Extension Notice. In the event that Tenant does not terminate this Lease with respect to the Expansion Space within such five (5) day period, the Outside Completion Date shall automatically be amended to be the date set forth in Landlord's Outside Extension Notice, as such date may thereafter be extended in accordance the terms hereofTenant.

Appears in 1 contract

Sources: Century Tower Building Lease Agreement (Fine Com Corp)