Must Take Space Clause Samples
The "Must Take Space" clause obligates a tenant to occupy and begin paying rent for a specified leased space by a certain date, regardless of whether the tenant has physically moved in or started operations. In practice, this clause typically applies to situations where a landlord has completed construction or made the premises available, and the tenant is required to accept possession and fulfill lease obligations, even if they are not ready to use the space. Its core function is to ensure the landlord receives timely rental income and to prevent delays in occupancy that could disrupt the landlord’s financial planning.
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Must Take Space. (a) Subject to the terms and conditions of this Section 19, as of the Must-Take Space Inclusion Date, the entire rentable area of the 56th floor of the Building (herein referred to as “Must-Take Space”), as more particularly shown on the floor plan annexed hereto as Exhibit O, shall be added to and included in the Premises upon the terms and subject to the conditions of the Lease and to such additional terms and conditions as are hereinafter set forth. Landlord shall send to Tenant a notice (herein called the “Must-Take Notice”), which may not be sent by Landlord prior to the date which is 18 months prior to the anticipated Must-Take Space Inclusion Date and may not be sent on or after December 1, 2021 (the “Must-Take End Date”), indicating that the Must-Take Space shall be coming Available (as defined in Section 9 of this Amendment) and indicating the date of the anticipated Must-Take Inclusion Date. The date on which Landlord delivers vacant and exclusive possession of the Must-Take Space, with the Expansion Extension Work Substantially Completed and in broom-clean condition shall be referred to herein as the “Must-Take Space Inclusion Date”; it being understood and agreed that the Must-Take Space Inclusion Date shall not be earlier than three (3) months following the giving of the Must-Take Notice by Landlord to Tenant. Notwithstanding anything contained in this Section 19 to the contrary, Landlord has no obligation to lease the Must-Take Space to Tenant and Landlord has no obligation to give the Must-Take Notice.
(b) Effective as of the Must-Take Space Inclusion Date:
(i) The fixed rent payable under the Lease in respect of the Must-Take Space shall be an amount from the Must-take Inclusion Date equal to (A) $2,410,344.00 per annum [based on $72.00 per rentable square foot] ($200,862.00 per month) during the 1st Rental Period if the Must-Take Rent Commencement Date occurs during the 1st Rental Period, (B) $2,477,298.00 per annum [based on $74.00 per rentable square foot] ($206,441.50 per month) during the 2nd Rental Period if the Must-Take Rent Commencement Date occurs during or prior to the 2nd Rental Period, (C) $2,678,160.00 per annum [based on $80.00 per rentable square foot] ($223,180.00 per month) during the 3rd Rental Period if the Must-Take Rent Commencement Date occurs during or prior to the 3rd Rental Period, (D) $2,879,022.00 per annum [based on $86.00 per rentable square foot] ($239,918.50 per month) during the 4th Rental Period if the Must...
Must Take Space. The Initial Premises shall be expanded to include the rentable square footage of the "Must-Take Space," as that term is defined in Section 2.1, below, as set forth in this Section 2. As of the "Must-Take Delivery Date," as that term is defined in Section 2.2, below, the Must-Take Space shall be deemed part of the Premises for all purposes under the Lease, as amended.
Must Take Space. Unless Tenant has previously exercised its right of first refusal with respect to the portion of the “First Refusal Space” (as that term is defined below in Section 1.4) consisting of the Must-Take Space, effective as of the “Must-Take Space Commencement Date” (as that term is defined below in Section 1.3.2), but in no event later than December 15, 2013 (except as may be delayed due to one or more “Tenant Delays” (as that term is defined in Section 5.2 of the Work Letter)), Landlord shall deliver to Tenant possession of the “Must Take Space,” as that term is defined in Section 2.3 of the Summary and the Premises shall be automatically deemed to include the rentable (and usable) square footage of the Must-Take Space. Accordingly, as of the Must-Take Space Commencement Date, the term “Premises” shall mean the Must-Take Space and the initial Premises identified in Section 2.2 of the Summary. During the period commencing on the date of this Lease and ending on the Must- Take Space Commencement Date, Landlord shall, from time to time, notify Tenant of any written notice of violation or violations (or claim thereof) of Applicable Laws which it receives from a governmental authority with regard to the Must-Take Space.
Must Take Space. As consideration to Tenant, Landlord has agreed to allow Tenant to phase into the entire Building as noted below. This Lease provides the obligation for Tenant to phase into additional space (located on the first floor of the Building in areas to be selected by Landlord) on two separate dates following the Commencement Date of the Lease. The date of the first phase in is December 1, 2000 and the estimated phase in square footage is 10,116+/- square feet including Tenant's share of the Common Area of the Building (hereinafter referred to as Must-Take Space #1); the date of the second phase in is April 1, 2001 and the estimated square footage is 12,384+/- (hereinafter referred to as Must-Take Space #2). Reference to the "Must-Take Space" herein after refers to Must-Take Space #1 and Must-Take Space #2. As of April 1, 2001, Tenant's total square footage leased shall equal one hundred percent (100%) of said Building.
Must Take Space. Lessee will notify Lessor at least three (3) calendar months prior to the date that Lessee desires to lease the Must Take Space and will provide Lessor with its preliminary plans and specifications for Lessee Improvements to the Must Take Space within forty-five (45) days of the date that it desires to take possession of the Must Take Space. The date for completion of Lessee Improvements to the Must Take Space will be established consistently with the time frames for completion of Lessee Improvements for the Initial Space.
Must Take Space. In the event that (i) Tenant exercises the Option Term pursuant to the terms of Section 6 of the First Amendment (as amended by Section 5.1 above), and (ii) that certain space in the Building containing approximately 10,353 rentable square feet and commonly known as Suite 200 (the "Must-Take Space") is or will be available for lease to third parties at any time during the period commencing on September 1, 2017 and ending on November 30, 2018 (the "Must-Take Conditions"), and only in the event each of the Must-Take Conditions (i and ii) are satisfied, then Tenant hereby acknowledges that during the Option Term, as provided below, Tenant shall lease from Landlord and Landlord shall lease to Tenant the Must-Take Space effective as of the "Must-Take Commencement Date" (as that term is defined below) pursuant to the terms hereof, and the Premises shall be expanded to include the Must-Take Space. In the event that the Must-Take Space is not or will not be available for lease to third parties at any time during the period commencing on September 1, 2017 and ending on November 30, 2018, then Landlord hereby acknowledges that Tenant shall be entitled to exercise the Option Term pursuant to Section 5.1 above for the Premises only (i.e., without any obligation to lease the Must-Take Space). In connection with the Must-Take Space, Landlord hereby agrees to deliver a prior 30 days advance notice to Tenant before September 1, 2017 regarding whether the Must-Take Space is then or will be available for lease to third parties at any time during the period commencing on September 1, 2017 and ending on November 30, 2018.
Must Take Space. Notwithstanding anything to the contrary in Rider No. 2 to the Current Lease, Landlord leases to Tenant and Tenant leases from Landlord the area shown on Exhibit A attached hereto (the “Must Take Space”) in accordance with this Amendment, and Rider No. 2 to the Current Lease is hereby deleted in its entirety. The Rentable Square Footage of the Must Take Space is 4,972 square feet. Tenant’s lease of the Must Take Space shall commence on the Must Take Commencement Date (as defined in Section 2 below) and shall expire as of Expiration Date under the Current Lease (to wit, October 31, 2012), subject to extension as provided in Rider No. 1 to the Current Lease.
Must Take Space. 1.2.1 Description of Must Take Space. Commencing as of [*] (the ------------------------------ "Must Take Space Commencement Date") the Premises shall be expanded to include a portion of the seventh (7th) floor of the Building consisting of approximately [*] rentable square feet of space as more particularly shown on the floor plan attached hereto as Exhibit A-3 (the "Must Take Space"). The Must Take Space shall not include the areas shown as the "Leasing and Management Office" and "Historic Suite" on Exhibit A-3. ------------
Must Take Space. Tenant shall have the obligation to lease the “Must Take Space” as set forth in the attached Rider No. 3, which is incorporated into this Amendment for all purposes.
Must Take Space. Upon the Must-Take Space Commencement Date, the Premises shall be expanded to include the Must-Take Space, upon the terms and conditions set forth in this Section 1.4.