Option to Expand Clause Samples
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Option to Expand. On or before expiration of the sixth (6th) month of the term, Tenant shall be required to lease the remainder 3,942 square feet of Rentable Space on the third (3rd) floor, at the same rental rate then being paid for the initial Premises. In addition, Tenant will have the right to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the term. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Lease, Tenant shall have the right of first refusal to lease the 4th Floor Space in the event that Landlord receives an offer to lease the space, and any such right of first refusal shall be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant shall have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting of the area which is available on the second (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”, at any time during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to the terms of this Lease, and subject to any rights of extension contained in this Lease) by delivering written notice to Landlord, provided that at the time of such notice and on the Effective Date, no event of default, as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option, Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any r...
Option to Expand. Upon providing written notice to the Landlord no later than August 31, 2011, the Tenant shall have the option to lease the entire 3rd floor of the building on the same terms and conditions as the Leased Premises, subject to pars 13. The third (3rd) floor of the Building shall be leased to the Tenant on an “as-is, where-is” basis and the Landlord will not be required to complete the Landlord’s Work attached hereto as Schedule “B”.”
Option to Expand. Lessee may request Lessor to expand the demised Premises into additional spaces/buildings/land. Lessor may, at its sole discretion, agree to allow Lessee to expand into such additional spaces/buildings/land. If Lessor agrees to allow Lessee to expand, Lessor shall provide to Lessee, in writing, a description of the proposed additional spaces/buildings/land and the rental rates and other fees to be paid by Lessee for such additional spaces/buildings/land. If Lessee accepts the description and the rates/fees, the demised Premises under this Lease shall be expanded to include such additional spaces/buildings/land as agreed. The terms and conditions of this Lease shall also apply to the additional spaces/buildings/land.
Option to Expand. Provided no event of default exists and is continuing at the time of giving notice of Lessee's exercise of its option, Lessor grants to Lessee, on July 3, 2000, an option to expand the leased Premises to include the 2,533 square foot portion of Building 56 presently occupied by Lessor's calibration laboratory as identified on Exhibit "C". Lessee shall give Lessor ninety (90) days written notice of its intent to exercise this option. The cost of reconfiguring said portion of Building 56 to suit Lessee's needs shall be at Lessee's sole expense. If Lessee does not exercise this option on July 3, 2000, the next time it may be exercised is on July 3, 2001 and every subsequent anniversary thereof, if not already exercised, until the termination date of this Lease as specified in Section 2 herein. Upon the exercise of this option, the monthly base rent shall be increased to reflect the total rentable square footage of Building 56 to be occupied by Lessee, which is 7,708 square feet (95%). The 400 square-foot Communications Equipment Room shown on Exhibit "C" is excluded from this Option, as set forth in Section 15 herein. Lessor's employees, agents, and contractors shall be allowed unrestricted access to and use of the hallway running east-west through Building 56 for purposes of traversing the Complex.
Option to Expand. During the period from the Sublease Start Date through the eighteenth (18th) month following the Sublease Start Date (the “Expansion Option Period”), Subtenant shall have an option to expand (the “Expansion Option”) into the remainder of Sublandlord’s Premises which consists of approximately 12,314 square feet located on a portion of the second (2nd) floor of the Cascade Building and approximately 17,062 square feet located on a portion of the second (2nd) floor of the ▇▇▇▇ Building (collectively, the “Expansion Space”), provided that on the date Subtenant exercises its Expansion Option, Subtenant itself (and not an assignee or sub-subtenant) occupies the entire Subleased Premises and provided further, that no Event of Default has occurred and is continuing. Subtenant shall exercise its Expansion Option upon six (6) months prior written notice to Sublandlord and according to the terms set forth herein. If Subtenant exercises its Expansion Option, the Term of this Sublease shall be extended so that the Sublease Expiration Date will become May 31, 2008 and the parties agree to enter into an amendment to this Sublease, which amendment shall provide for the Expansion Space to be incorporated into the Subleased Premises. Tenant’s Proportionate Share shall be modified to reflect the inclusion of the Expansion space and the Base Rent shall be modified as set forth in Sections 3b and 3c.
Option to Expand. Party A hereby grants to Party B the exclusive right to construct and operate independent mining operations and floatation circuits ("Expansion") using Party A's existing plant or other site, as may be required from time to time, to secure or increase production of raw materials to be supplied to the JVC. Such Expansion may take the form of joint venture between Party A and Party B or an operation wholly owned and operated by Party B. Where such Expansion takes the form of a joint venture, the terms and conditions of this Contract shall apply where applicable.
Option to Expand. Landlord hereby grants Tenant the option to expand the Premises by including an additional square feet of contiguous Rentable Area as outlined in blue on Exhibit D ("Option Space") to the Premises to be effective no later than of the Lease Term; provided, however, that Tenant exercises the option to expand by written notice delivered by Tenant to Landlord no later than of the Lease Term. Upon Tenant's exercise of the option and occupancy of the Option Space, the Option Space or part of it shall be included within the Premises and leased to Tenant pursuant to the provisions of this Lease, including, without limitation, the provisions relating to the rights and obligations of the parties with respect to alterations. Rent for the Option Space shall be the Rent in effect under this Lease at the commencement of Tenant's occupancy of the Option Space. The rent payable under this Lease shall be increased by the amount of rent attributable to the Option Space or part of it that is leased by Tenant. The parties shall immediately execute an amendment to this Lease stating the addition of the Option Space or part of it to the Premises. Upon receipt of Tenant's notice to exercise the option, Landlord shall design and construct such space in accordance with the terms set forth in Exhibit E. Tenant shall be entitled to a tenant improvement allowance of per square foot of Rentable Area for the Option Space.
Option to Expand. Tenant shall have the right, to be exercised as hereinafter provided, to expand the Premises ("Expansion Option") into space to be constructed on the Land adjacent to the Premises, which land is more particularly described on Exhibit "A-1" attached hereto and incorporated herein ("Expansion Land") together with certain improvements to be constructed thereon, including an approximately ninety-five thousand (95,000) square foot addition to the Building, depicted as the Expansion Space on Exhibit "A-2" ("Expansion Space"), upon the following terms and conditions and subject to the limitations set forth below.
Option to Expand. See addendum.
Option to Expand. Upon written request from Tenant, and upon satisfaction of the conditions hereinafter set forth, Landlord agrees, subject to and to the extent permitted under applicable laws and ordinances, to construct an addition to the Improvements ("Addition"), which Addition shall, in Landlord's determination, be architecturally compatible with the existing improvements on the Premises and which Addition shall be constructed so that all of the Improvements, including the Addition, will not constitute a single purpose building. Landlord's obligation to construct the Addition shall be subject to satisfaction of the following conditions:
(a) No Event of Default shall exist at the time of Tenant's request for the Addition and thereafter and no event shall have occurred during such time which would, with the passage of time or the giving of notice, or both, constitute such an Event of Default; and
(b) this Lease shall not have been terminated; and
(c) the Tenant has not sublet any portion of the Premises (other than the Permitted Subleases) and has not assigned any rights hereunder other than an Approved Transfer; and
(d) Tenant's written request shall be received by Landlord on or before July 1, 2004; and
(e) Tenant, at its sole cost and expense, shall furnish to Landlord full and complete plans and specifications for the Addition (hereinafter referred to as the "Plans") prepared by an architect licensed in Illinois who is reasonably acceptable to Landlord, which Plans shall be sufficiently detailed so as to enable Landlord to obtain all necessary building permits and otherwise satisfactory to Landlord; and
(f) all trade fixtures of Tenant and other equipment necessary for the operation of Tenant's business shall not be included in the Plans and shall be paid for by Tenant; and
(g) this Lease shall be amended to incorporate the increase in rent hereinafter provided and other terms herein contained. The option to expand granted hereunder shall terminate upon any sale of the Premises by Landlord.