MODIFICATIONS TO LEASE. Effective on the Second Commencement Date, the following modifications shall automatically occur to the Lease: a. The following Sections of the Lease shall be deleted: (i) Subsection 11(a) (relating to Landlord’s right to relocate Tenant); (ii) Section 32 entitled “Expansion Option;” (iii) Section 33 entitled “Termination Option;” (iv) Section 37 entitled “Modification of Section 11(a) Landlord’s Right to Relocate Tenant; Right of Entry;” (v) Section 38 entitled “Termination Fee;” and (vi) Section 39 entitled “Early Access.” b. Section 31 entitled “Option to Extend Term” has been exercised by Tenant and, therefore, is no longer a part of the Lease. In lieu thereof, effective on the Second Commencement Date, the parties agree to the following provision being added to the Lease: Tenant shall have the right and option, exercisable by giving Landlord prior written notice thereof more than twelve (12) months in advance of the Expiration Date, to extend the Term of this Lease for an additional term of five (5) years, beginning on the day immediately following the Expiration Date, under the same terms and conditions as herein set forth, except that the Minimum Annual Rent applicable during the first twelve (12) months of such additional term shall be the then-current Market Rent for three (3) story office buildings ten (10) years old or older located in the U.S. Route 202 corridor between King of Prussia and Great Valley Corporate Center (“Comparable Buildings”). Landlord will compile a list of at least five (5) comparable transactions in Comparable Buildings, Landlord will compute the arithmetic mean of the rates of Minimum Annual Rent utilized in each such comparable transaction, and Landlord will give Tenant notice of the resulting Minimum Annual Rent, including disclosure of the data and computation method used. To assure that the transactions which are included in Landlord’s sample are comparable to each other and comparable to the extension of the Term of this Lease, the Minimum Annual Rents in the sample transactions will be adjusted to reflect differences in Tenant improvement costs on a dollars per square foot per year basis. For the second period of twelve (12) months of such additional term and again for each subsequent period of twelve (12) months during the Additional Term, Tenant’s Minimum Annual Rent obligation shall increase by $0.50 per rentable square foot per year over the rate applicable to the immediately preceding period of twelve (12) months. This option to extend the Term shall not apply during any time periods that Tenant is in default of any of its monetary obligations under this Lease and such default remains uncured or if Tenant has committed a non-monetary default as to which Landlord has given written notice to Tenant, and such non-monetary default remains uncured. c. In Section 15 of the Lease, entitled “Indemnification of Landlord,” in the fifth line thereof, after the word “negligence” the following phrase is hereby inserted: “or willful misconduct.” d. In Section 34 of the Lease, in the second sentence thereof, the per hour charge for HVAC service outside of the stated hours of operation is hereby changed from $20.00 to $30.00.
Appears in 1 contract
Sources: Agreement of Lease (Kenexa Corp)
MODIFICATIONS TO LEASE. Effective on 2.1 The Landlord and the Second Commencement Date, Tenant hereby agree to the following modifications shall automatically occur to the Lease:
a. The following Sections (a) the reference to “September 1, 2021” in the Lease Summary under the heading “Commencement Day” (Section 2.15) is hereby deleted and replaced with a reference to “January 10, 2022”;
(b) the wording under the heading “Fixturing Period” in the Lease Summary is hereby deleted in its entirety and replaced with the following: “Notwithstanding anything in the Lease to the contrary, the Fixturing Period is eight (8) months commencing May 10, 2021, until January 10, 2022. For all purposes of this Lease, the deemed delivery date of possession of the Premises will be May 10, 2021. As soon as reasonably practical the Landlord, the Tenant and the Tenant’s contractor shall conduct an inspection of the Premises including in respect of the work outlined in Schedule A attached hereto ( the “Concurrent Landlord’s Work”) in accordance with Section 3 of Schedule G1 of this Lease (to the extent any of such Concurrent Landlord’s Work has been substantially completed); provided, however, that, in respect solely of the Concurrent Landlord’s Work, the Tenant and the Tenant’s contractor shall conduct a further inspection of the Concurrent Landlord’s Work (in addition to the inspection contemplated in the first sentence of Section 3 of Schedule G1) upon the day that the Landlord notifies the Tenant that the Concurrent Landlord’s Work has been substantially completed. Following such inspection, the Tenant shall deliver to the Landlord a written punch-list of all deficiencies and finish work needed to bring the Landlord’s Concurrent Work into the condition required by the description of the Landlord's Work and the Lease and the Landlord shall substantially repair all punch-list items in respect of the Concurrent Landlord’s Work prior to the Commencement Date failing which the Commencement Date will be delayed until such punch list items have been substantially repaired. Notwithstanding the foregoing, if the Landlord, in its sole discretion, provides early access of the Premises to the Tenant, the Fixturing Period will be extended accordingly, such that it nevertheless expires on January 10, 2022.”;
(c) the reference to “January 1, 2021” in Subsection 4.1(d) of Schedule E is hereby deleted and replaced with a reference to “May 10, 2021”, and the reference to “August 31, 2021” in Subsection 4.1(d) of Schedule E is hereby deleted and replaced with a reference to “January 10, 2022”.
(d) the reference to “March 31, 2021” in Subsection 4.1 (e) of Schedule E is hereby deleted and replaced with a reference to “July 31, 2021”;
(e) there shall be deletedadded to the end of Subsection 4.1(e) of Schedule E the following: “Notwithstanding the foregoing:
(i) Subsection 11(a) the Landlord shall have priority access to the service elevator system for goods and materials deliveries between 7:30 a.m. to 11:30 a.m. Pacific Time each day (relating to the “Landlord’s right to relocate TenantAccess Time”);
(ii) Section 32 entitled the Tenant shall have priority access to the service elevator system for goods and materials deliveries between 11:30 a.m. to 5:00 p.m. Pacific Time each day (the “Expansion OptionTenant’s Access Time”);”
(iii) Section 33 entitled “Termination Optionthe Tenant may request priority access to use the service elevator system during the Landlord’s Access Time provided that the Tenant gives the Landlord not less than forty-eight (48) hours’ prior notice of such request and such priority use by the Tenant is approved by the Landlord’s base building general contractor, acting reasonably, and will not unduly interfere with or impede the completion of the Landlord’s work including any of the Concurrent Landlord’s Work;”
(iv) Section 37 entitled “Modification the Landlord may request priority access to use the service elevator system during the Tenant’s Access Time provided that the Landlord gives the Tenant not less than forty-eight (48) hours’ prior notice of Section 11(a) Landlordsuch request and such priority use by the Landlord is approved by the Tenant’s Right to Relocate base building general contractor, acting reasonably, and will not unduly interfere with or impede the completion of the Tenant’s Work; Right of Entry;”and
(v) Section 38 during the Fixturing Period the Landlord will erect hoarding solely within the space for Landlord’s hoarding depicted in Appendix 1 to Schedule A attached hereto. Notwithstanding the foregoing, the Landlord and the Tenant agree that the service elevator system will be shared by the Landlord and the Tenant for the vertical movement of people at all times, unless there is a delivery of goods and materials scheduled and/or underway during either party’s respective priority access time, in which case, the party entitled “Termination Fee;” and
(vi) Section 39 entitled “Early Accessto priority use of the service elevator system will be granted priority over the use of the said system during such time.”
b. Section 31 entitled “Option to Extend Term” has been exercised by Tenant and, therefore, is no longer (f) a part of the Lease. In lieu thereof, effective on the Second Commencement Date, the parties agree to the following provision being new Subsection (f) shall be added to the Lease: Tenant shall have the right and option, exercisable by giving Landlord prior written notice thereof more than twelve (12) months in advance Section 4.1 of the Expiration Date, to extend the Term of this Lease for an additional term of five (5) years, beginning on the day immediately following the Expiration Date, under the same terms and conditions Schedule E as herein set forth, except that the Minimum Annual Rent applicable during the first twelve (12) months of such additional term shall be the then-current Market Rent for three (3) story office buildings ten (10) years old or older located in the U.S. Route 202 corridor between King of Prussia and Great Valley Corporate Center (“Comparable Buildings”). Landlord will compile a list of at least five (5) comparable transactions in Comparable Buildings, Landlord will compute the arithmetic mean of the rates of Minimum Annual Rent utilized in each such comparable transaction, and Landlord will give Tenant notice of the resulting Minimum Annual Rent, including disclosure of the data and computation method used. To assure that the transactions which are included in Landlord’s sample are comparable to each other and comparable to the extension of the Term of this Lease, the Minimum Annual Rents in the sample transactions will be adjusted to reflect differences in Tenant improvement costs on a dollars per square foot per year basis. For the second period of twelve (12) months of such additional term and again for each subsequent period of twelve (12) months during the Additional Term, Tenant’s Minimum Annual Rent obligation shall increase by $0.50 per rentable square foot per year over the rate applicable to the immediately preceding period of twelve (12) months. This option to extend the Term shall not apply during any time periods that Tenant is in default of any of its monetary obligations under this Lease and such default remains uncured or if Tenant has committed a non-monetary default as to which Landlord has given written notice to Tenant, and such non-monetary default remains uncured.
c. In Section 15 of the Lease, entitled “Indemnification of Landlord,” in the fifth line thereof, after the word “negligence” the following phrase is hereby inserted: “or willful misconduct.”
d. In Section 34 of the Lease, in the second sentence thereof, the per hour charge for HVAC service outside of the stated hours of operation is hereby changed from $20.00 to $30.00.follows:
Appears in 1 contract
Sources: Fourth Lease Modification Agreement (Zymeworks Inc.)
MODIFICATIONS TO LEASE. Effective on If any of Landlord's insurance carriers or any Mortgagee requests modifications to this Lease, then Tenant shall execute a written amendment incorporating such requested modifications within thirty (30) days after the Second Commencement Datesame has been submitted to Tenant by Landlord, the following provided that such modifications shall automatically occur to the Lease:
a. The following Sections do not (a) adversely affect Tenant's use of the Lease shall be deleted:
Premises as herein permitted, (b) increase the rentals and other sums payable by Tenant hereunder, (c) include any changes to (i) Subsection 11(a) (requirements relating to Landlord’s right to relocate Tenant);
's Security Deposit under Section 35 hereof, (ii) the default provisions of Section 32 entitled “Expansion Option;”
19 hereof, (iii) Tenant's Renewal Option pursuant to Section 33 entitled “Termination Option;”
41 hereof (iv) Tenant’s termination rights pursuant to Section 37 entitled “Modification of Section 11(a) Landlord’s Right to Relocate Tenant; Right of Entry;”
42 hereof, or (v) Tenant’s rights pursuant to Section 38 entitled “Termination Fee;” and
43 hereof, (vid) Section 39 entitled “Early Access.”
b. Section 31 entitled “Option to Extend Term” has been exercised by Tenant anddo not adversely affect any of Tenant's other rights or obligations under this Lease in more than a de minimis manner, therefore, is no longer a part of the Leaseor (e) decrease Landlord's obligations hereunder. In lieu thereofthe event that Tenant refuses or fails to execute such amendment that complies with this Section 22.B. within ten (10) days after Landlord’s delivery of same to Tenant, effective on the Second Commencement Date, the parties agree to the following provision being added to the Lease: Tenant then Landlord shall have the right and option, exercisable by giving Landlord prior written to provide Tenant with a notice thereof more than twelve (12) months in advance of that such failure to execute the Expiration Date, to extend the Term of this Lease for amendment within an additional term of five (5) years, beginning on the day immediately following the Expiration Date, under the same terms and conditions as herein set forth, except that the Minimum Annual Rent applicable during the first twelve (12) months of such additional term shall be the then-current Market Rent for three (3) story office buildings ten (10) years old or older located in the U.S. Route 202 corridor between King of Prussia and Great Valley Corporate Center (“Comparable Buildings”). Landlord will compile days shall constitute a list of at least five (5) comparable transactions in Comparable Buildings, Landlord will compute the arithmetic mean of the rates of Minimum Annual Rent utilized in each such comparable transaction, and Landlord will give Tenant notice of the resulting Minimum Annual Rent, including disclosure of the data and computation method used. To assure that the transactions which are included in Landlord’s sample are comparable to each other and comparable to the extension of the Term of Default under this Lease, the Minimum Annual Rents in the sample transactions will be adjusted and if Tenant fails to reflect differences in Tenant improvement costs on a dollars per square foot per year basis. For the second period of twelve (12) months of execute such amendment within such additional term and again for each subsequent period of twelve ten (1210) months during the Additional Termday period, Tenant’s Minimum Annual Rent obligation then such failure shall increase by $0.50 per rentable square foot per year over the rate applicable to the immediately preceding period of twelve (12) months. This option to extend the Term shall not apply during any time periods that Tenant is in default of any of its monetary obligations under this Lease and such default remains uncured or if Tenant has committed constitute a non-monetary default as to which Landlord has given written notice to Tenant, and such non-monetary default remains uncuredDefault hereunder.
c. In Section 15 of the Lease, entitled “Indemnification of Landlord,” in the fifth line thereof, after the word “negligence” the following phrase is hereby inserted: “or willful misconduct.”
d. In Section 34 of the Lease, in the second sentence thereof, the per hour charge for HVAC service outside of the stated hours of operation is hereby changed from $20.00 to $30.00.
Appears in 1 contract
Sources: Deed of Lease (Novavax Inc)
MODIFICATIONS TO LEASE. Effective on the Second Commencement Date, the following modifications shall automatically occur to the LeaseThe Lease is hereby modified and amended as follows:
a. The reference to "$195,000,000" on the first page is amended and restated to refer to "$173,330,000".
b. The first sentence of Paragraph 1 is amended and restated as follows: The term of this Lease (the "Term") shall commence on and include the Effective Date, and end on July 1, 2009, unless sooner terminated as expressly herein provided.
c. The Term may be extended at the option of Chiron for two successive periods of five years each; provided, however, that prior to any such extension the following Sections conditions must have been satisfied: (A) at least 180 days prior to the commencement of any such extension, BNPLC and Chiron must have agreed in writing upon, and received the consent and approval of BNPLC's Parent and all other Participants to (1) a corresponding extension not only to the date for the expiration of the Lease shall be deleted:
Term specified above, but also to the date specified in clause (i3) Subsection 11(a) (relating to Landlord’s right to relocate Tenant);
(ii) Section 32 entitled “Expansion Option;”
(iii) Section 33 entitled “Termination Option;”
(iv) Section 37 entitled “Modification of Section 11(a) Landlord’s Right to Relocate Tenant; Right of Entry;”
(v) Section 38 entitled “Termination Fee;” and
(vi) Section 39 entitled “Early Access.”
b. Section 31 entitled “Option to Extend Term” has been exercised by Tenant and, therefore, is no longer a part of the Lease. In lieu thereof, effective on the Second Commencement definition of Designated Sale Date, the parties agree Demand Deadline (and a corresponding extension of the Guaranty), and (2) an adjustment to the following provision Rent that Chiron will be required to pay for the extension, it being added expected that the Rent for the extension may be different than the Rent required for the original Term, and it being understood that the Rent for any extension must in all events be satisfactory to BNPLC (and all Participants) and Chiron, in their sole and absolute discretion; (B) no Event of Default shall have occurred and be continuing at the time of Chiron's exercise of its option to extend; (C) immediately prior to any such extension, the Lease, the Purchase Agreement, the Ground Lease and the Guaranty must remain in effect. With respect to the Lease: Tenant shall condition that BNPLC (and all Participants) and Chiron must have agreed upon the right and option, exercisable by giving Landlord prior written notice thereof more than twelve (12) months in advance Rent required for any extension of the Expiration DateTerm, neither Chiron nor BNPLC (nor any Participant) is willing to extend submit itself to a risk of liability or loss of rights hereunder for being judged unreasonable. Accordingly, each of Chiron and BNPLC (and each Participant) hereby disclaim any obligation express or implied to be reasonable in negotiating the Term of this Lease for an additional term of five (5) years, beginning on the day immediately following the Expiration Date, under the same terms and conditions as herein set forth, except that the Minimum Annual Rent applicable during the first twelve (12) months of such additional term shall be the then-current Market Rent for three (3) story office buildings ten (10) years old or older located in the U.S. Route 202 corridor between King of Prussia and Great Valley Corporate Center (“Comparable Buildings”)any such extension. Landlord will compile a list of at least five (5) comparable transactions in Comparable Buildings, Landlord will compute the arithmetic mean of the rates of Minimum Annual Rent utilized in each such comparable transaction, and Landlord will give Tenant notice of the resulting Minimum Annual Rent, including disclosure of the data and computation method used. To assure that the transactions which are included in Landlord’s sample are comparable to each other and comparable Subject to the changes to the Rent payable during any extension of the Term of as provided in this LeaseParagraph, the Minimum Annual Rents in the sample transactions will be adjusted to reflect differences in Tenant improvement costs on a dollars per square foot per year basis. For the second period of twelve (12) months of such additional term and again for each subsequent period of twelve (12) months during the Additional Term, Tenant’s Minimum Annual Rent obligation shall increase by $0.50 per rentable square foot per year over the rate applicable to the immediately preceding period of twelve (12) months. This if Chiron exercises its option to extend the Term as provided in this Paragraph, the Lease shall not apply during any time periods that Tenant is continue in default of any of its monetary obligations under this Lease full force and such default remains uncured or if Tenant has committed a non-monetary default as to which Landlord has given written notice to Tenanteffect, and such non-monetary default remains uncuredthe leasehold estate granted thereunder to Chiron shall continue without interruption and without any loss of priority over other interests in or claims against the Property that may be created or arise after the date hereof and before the extension.
c. In Section 15 of the Lease, entitled “Indemnification of Landlord,” in the fifth line thereof, after the word “negligence” the following phrase d. Paragraph 4.(f) is hereby inserted: “or willful misconduct.”
d. In Section 34 of the Lease, in the second sentence thereof, the per hour charge for HVAC service outside of the stated hours of operation is hereby changed from $20.00 to $30.00.amended and restated as follows:
Appears in 1 contract
Sources: Lease Agreement (Chiron Corp)