Common use of Option to Expand Clause in Contracts

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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.

Appears in 4 contracts

Sources: Sublease Agreement (Elevate Credit, Inc.), Sublease Agreement (Elevate Credit, Inc.), Sublease Agreement (Elevate Credit, Inc.)

Option to Expand. On or before (a) Subject to the rights of existing tenant(s) whose lease(s) pre-date this Lease, and so long as Tenant is not in default beyond the expiration of any applicable notice and cure period on the sixth date Tenant delivers Tenant's Expansion Notice (6thas hereinafter defined) month or at any time thereafter through the commencement date of the termExpansion Premises (as hereinafter defined), Tenant shall be required have a one-time right of first offer (the "Expansion Option") to lease all or part of the remainder 3,942 following available space adjacent to the Premises: (i) approximately 672 rentable square feet of Rentable Space on space known as the third "PWC Space", and (3rdii) 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 3,835 rentable square feet of Rental space known as the "Cure Space" (that portion of the PWC Space on and/or 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 Cure 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 that Tenant elects to lease shall be known as the 4th Floor Space between "Expansion Premises"), from and after September 1, 2009 through the expiration remainder of the sixth (6) month and commencement initial Term of the ninth (9th) month following commencement Lease and any Extension Term of the Lease, at the rental rate rent and upon the other terms set forth below. The PWC Space and the Cure Space are depicted in Exhibit D attached hereto. Tenant shall exercise the Expansion Option by delivering notice to Landlord ("Tenant's Expansion Notice") exercising the Expansion Option during the period from August 15, 2009 to August 31, 2009. Tenant shall accept the Expansion Premises in its "as-is" condition, subject to the Substantial Completion of the Initial Alterations to the Expansion Premises as set forth in Section 34(b) below. Tenant shall, promptly following request by Landlord, execute and deliver a statement confirming that the Expansion Option has been waived (provided that failure to (b) If Tenant does timely and properly exercise the Expansion Option, Tenant shall perform Initial Alterations of the Expansion Premises in accordance with the procedures set forth in the Work Letter attached hereto as Exhibit C, provided that the Tenant Allowance for the Expansion Premises shall be increased by twenty-five cents (.25¢) $14.47 per rentable square foot. Tenant shall promptly commence Initial Alterations of the Expansion Premises and diligently pursue to completion. From and after the date of Substantial Completion of the Initial Alterations of the Expansion Premises, the Expansion Premises shall be deemed part of the Premises, and Tenant improvements dollars will decline on a pro rata basis based shall commence paying Base Rent and Additional Rent on the remaining length Expansion Premises. Promptly following the date of Substantial Completion 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 LeaseExpansion Premises, Landlord and Tenant shall have enter into a certificate that confirms the right date of first refusal to lease Substantial Completion, the 4th Floor Space amount of space in the event that Landlord receives an offer to lease Expansion Premises, the spacerevised amount of Base Rent for the Premises and monthly installments, the revised Tenant's Pro- Rata Share, and any such right of first refusal other similar items that cannot be determined until said date. (c) The Base Rent for the Expansion Premises shall be on the exact terms received and approved by Landlord same as for the original Premises as set forth in Section 1(d) (i.e., $24.88 psf 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 rent commencement date of the area which is available on Expansion Premises through the second end of Lease Year 1, increasing to $25.21 psf for Lease Year 2, and then increasing to $25.54 for Lease Year 3). (2ndd) and fifth The Expansion Option shall automatically terminate upon the earlier to occur of (5thi) 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 or termination of this Lease, and subject (ii) the termination of Tenant's right to any rights possession of extension contained in this Leasethe Premises, or (iii) by delivering written notice to Landlord, provided that at the time failure 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 reason whatsoever shall conclusively be deemed a waiver of such expansion optionright to lease space under its Expansion Option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space35.

Appears in 2 contracts

Sources: Lease Agreement (Kolltan Pharmaceuticals Inc), Lease Agreement (Kolltan Pharmaceuticals Inc)

Option to Expand. On or before expiration (a) Subject to Tenant's payment of the sixth Expansion Space Holding Cost as provided for hereinbelow, Landlord hereby grants to Tenant an option (6ththe "Expansion Option") month of the term, Tenant shall be required to lease the remainder 3,942 expansion area containing approximately 3,036 rentable square feet (which includes the adjustment provided for in Paragraph 2.1 of Rentable Space the Lease) as shown on Exhibit A to 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 Lease (the “4th Floor "Expansion Space"). The expansion Option shall be exercised, if at all, by notice from Tenant to Landlord in writing within six (6) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at months of the same rental rate then being paid in commencement date of the initial Premisesterm of the Lease; 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 that if Tenant elects to lease the 4th Floor Space between the expiration is in default under any of the sixth (6) month and commencement of the ninth (9th) month following commencement material terms, conditions or covenants of the Lease, either at the time Tenant exercises, the Expansion Option or when Landlord delivers the Expansion Space, Landlord shall have, in addition to the rights and remedies provided in the Lease, the right to terminate the Expansion Option. (b) If Tenant elects to exercise the Expansion Option, Landlord shall provide Tenant with an improvement allowance equal to $70.00 per usable square foot of space in the Expansion Space, and the Expansion Space shall be built out by landlord in accordance with the terms of Exhibit B to the Lease (with appropriate changes to reflect build-out of the Expansion Space, as opposed to the initial Premises). Landlord shall deliver possession of the Expansion Space to Tenant for occupancy upon completion of the build-out of the Expansion Space; but in no event later than 2 Months from Tenant's exercise of the Expansion Option and, upon such delivery, the Expansion Space shall be deemed to be a part of the Premises and shall be leased upon and subject to all of the terms, covenants and conditions of, and at the base monthly rental rate shall be increased by twenty-five cents (.25¢) per provided for in, the Lease; and the square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length footage of the term. If Premises (which includes the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement adjustment provided for in Paragraph 2.1 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 Tenant's Pro Rata Share 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 appropriately adjusted. (c) Landlord's grant of the area Expansion Option is subject to and conditioned upon Tenant's payment to Landlord of a monthly amount to hold the Expansion Space off the market, said monthly amount being equal to $.83 per rentable square foot of the Expansion Space (which is available on includes the second adjustment provided for in Paragraph 2.1 of the Lease) plus Tenant's Pro Rata Share attributable to the Expansion Space (2nd) and fifth (5th) floors designated and referred to as collectively, the "Expansion Space”Space Holding Costs"), at any time during for the lease term (period from the “Effective Date”) and ending on the expiration commencement date of the Lease Term (unless sooner terminated pursuant to the date Tenant exercises its option for the Expansion Space or the date Tenant notifies Landlord that Tenant elects to terminate the Expansion Option. Expansion Space Holding Costs shall be payable monthly, in advance, in accordance with the terms of this Leaseof, and subject to any rights of extension contained in this as additional rent owing under, the 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.

Appears in 2 contracts

Sources: Laboratory Lease (Dynavax Technologies Corp), Triple Net Laboratory Lease (Dynavax Technologies Corp)

Option to Expand. On or before expiration Tenant desires to have certain expansion rights with regard to the remaining vacant space within the Building, hereinafter referred to as the "EXPANSION SPACE." Landlord is willing to grant such expansion rights in accordance with the terms and conditions of the sixth this Section. (6tha) 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 At any time between the expiration of the sixth Lease Date and August 1, 1998 (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"OPTION WINDOW"), Tenant shall have the right to expand ("OPTION TO EXPAND") the Premises to include the Expansion Area by providing Landlord with written notice ("EXPANSION NOTICE") of first refusal such election; provided, however, that if Tenant is in material default beyond any applicable cure period under the Lease on the date of giving such notice, such notice shall be null and void at the election of Landlord. (b) If Tenant elects to exercise its Option to Expand, the Expansion Space shall be deemed to be leased under all the terms and conditions of this Lease and shall constitute a portion of the "Premises" for all purposes, and the term of Tenant's lease of the 4th Floor Expansion Space in shall be coterminous with the event term of this Lease with respect to the original Premises. The date that is the sooner to occur of the date that Landlord receives an offer Substantially Completes the leasehold improvements pursuant to lease the spaceExpansion Space Work Letter Agreement (as hereinafter defined), 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 date that the 4th Floor Space. Expansion Space would have been Substantially Complete absent Tenant shall have delays, or the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting date that Tenant commences occupancy of the area which Expansion Space, is available on the second (2nd) and fifth (5th) floors designated and hereinafter referred to as the "OCCUPANCY DATE." To the extent reasonably requested by Landlord, Tenant shall execute an amendment to this Lease evidencing the lease of the Expansion Space. (c) The Base Rent for the Expansion Space shall be the Base Rent for the original Premises, on a per square foot of rentable area basis, and shall be subject to increase at any time during the lease term (same times and in the “Effective Date”) same manner as Base Rent is adjusted pursuant to Section 5 of the Lease. Tenant's obligation to pay Base Rent and ending other rent respecting the Expansion Space shall commence on the expiration Occupancy Date. (d) As a condition to Tenant's right to expand into the Expansion Space, Tenant shall continue, both before and after the exercise of the Lease Term (unless sooner terminated pursuant option to expand, to occupy the terms of Premises originally demised under this Lease, and subject to any rights furthermore, as of extension contained in this Lease) by delivering written notice to Landlordthe time of the exercise of the option, provided that and at the time Tenant takes possession of such notice Expansion Space, Tenant shall not be in default under this Lease, unless waived by Landlord. (e) Within ten (10) days following Landlord's receipt of the Expansion Notice, and as a condition precedent to the lease of the Expansion Space to Tenant, Tenant and Landlord shall enter into a work letter agreement ("EXPANSION SPACE WORK LETTER AGREEMENT") which shall be in a form similar to the Work Letter Agreement. Among other provisions, the Expansion Space Work Letter Agreement shall provide that the Occupancy Date shall occur on the Effective Date, no event latter of default, (i) the date that improvements described by the Expansion Space Work Letter Agreement are Substantially Complete (as defined in Paragraph 25 Section 3 of this Lease), or (ii) the Commencement Date for the Premises. Tenant delays affecting the construction of the improvements pursuant to the Expansion Space Work Letter Agreement shall have occurred and remain uncured beyond any applicable cure periodnot extend Tenant's obligation to pay Base Rent for the Expansion Space on the Occupancy Date. Once The Expansion Space Work Letter Agreement shall also provide that Landlord grants Tenant shall exercise an expansion optionamount equal to the Allowance (as defined in the Work Letter Agreement), Tenant may not thereafter revoke such exercise. Tenant’s failure expressed on a per rentable square foot basis, multiplied by the rentable square footage of the Expansion Space, to timely exercise an expansion option be utilized for any reason whatsoever shall conclusively be deemed a waiver the cost of such expansion option. Notwithstanding anything construction. (f) As of the Occupancy Date, the Tenant's Share used for purposes of calculating Direct Expenses shall be increased in order to reflect the addition of the Expansion Space to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered SpacePremises.

Appears in 2 contracts

Sources: Office Building Lease (Doubleclick Inc), Office Building Lease (Abacus Direct Corp)

Option to Expand. On or before expiration of the sixth (6th) month of the term, Landlord shall use reasonable efforts to assist 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 Premiseswith its expansion needs. 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”If, at any time during the lease term Term, Landlord shall solicit or receive a bona fide offer in writing (the Effective DateOffer”) and ending from a third party to lease all or any portion of space on the expiration second floor of the Lease Term (unless sooner terminated pursuant Building contiguous to the terms Premises (“Expansion Space”), Tenant (but not any assignee or sublessee of this Lease, and subject to any rights Tenant other than an assignee under Section 12.02 of extension contained in this the Lease) by delivering shall have a right of first refusal (“Right of First Refusal”) to lease the Expansion Space upon the same terms and conditions as set forth in the Offer. Landlord, promptly following Landlord’s receipt of the Offer, shall deliver written notice to Landlord, provided that at Tenant specifying the time of such notice terms and on conditions contained in 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 periodOffer. Once Tenant shall exercise its Right of First Refusal by providing Landlord with written notice of its exercise within five (5) business days after the date of receipt of Landlord’s notice regarding the Offer. If Tenant exercises its Right of First Refusal within the five (5) business-day period, Landlord and Tenant promptly shall execute an expansion optionamendment to the Lease relating to the Expansion Space, which includes the terms and conditions set forth in the Offer. If Tenant may affirmatively elects not thereafter revoke to exercise such exerciseRight of First Refusal within the five (5) business day period, or fails to provide Landlord with its written notice of exercise within the five (5) business day period, then Tenant shall be deemed to have elected not to exercise its Right of First Refusal with respect to the particular Offer at issue. Notwithstanding the foregoing, if Landlord negotiates with the proposed tenant lease terms materially more favorable than those offered to Tenant but rejected, Landlord shall be required to submit the more favorable terms to Tenant for its review. (For purposes hereof, “materially more favorable” means (i) a base rent more than 7% lower than that set forth in the Offer; or (ii) a finish-out allowance more than 7% greater than that set forth in the Offer.) Tenant shall have three (3) business days after receipt of the more favorable terms to accept or reject the Expansion Space. If Tenant rejects the more favorable terms, Landlord shall be free to enter a lease with the proposed tenant. Tenant’s failure to timely exercise an expansion option for any reason whatsoever Right of First Refusal shall conclusively be deemed a waiver of such expansion optioncontinuous during the Term. Notwithstanding anything to the contrary contained herein, Tenant’s option rejection of any particular Offer shall be subject not relieve Landlord of its obligation to a determination by Landlord, in Landlord’s discretion, again offer any Expansion Space to Tenant at any time during the Term that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.Expansion Space subsequently becomes available

Appears in 2 contracts

Sources: Lease Agreement (Peloton Therapeutics, Inc.), Lease Agreement (Peloton Therapeutics, Inc.)

Option to Expand. On (A) Tenant shall have a continuous first right to lease any or before expiration all of the sixth (6th) month remaining space on the second floor of the termBuilding ("Second Floor Expansion Space"). If Tenant exercises its expansion option pursuant to this Section 26.23 and the commencement date of such leasing of the additional space is (a) within 365 days of the Effective Date, all the terms and conditions of this Lease (including Base Rent (calculated on a square foot basis), the Base Operating Expenses and Base Real Estate Taxes ) shall apply to the Second Floor Expansion Space; or (b) Three Hundred Sixty-Five (365) days or more after the Effective Date the terms and conditions, including rent, will be at market rate. Landlord shall notify Tenant of any bonafide offer to lease all or a portion of the Second Floor Expansion Space and deliver to Tenant a copy of any such written bonafide offer together with an amendment to this Lease whereby such Second Floor Expansion Space is included within the definition of Premises herein. Tenant shall within five (5) business days of receipt of such notice, either (i) notify Landlord that Tenant is not exercising its right to expand into the Second Floor Expansion Space or (ii) sign an amendment to this Lease that provides for Tenant to expand into the Second Floor Expansion Space pursuant to the terms and conditions set forth herein and commence paying rent no later than the commencement date in the bonafide offer. In the event Tenant notifies Landlord that it is not exercising its right to lease the Second Floor Expansion Space, Landlord may lease all or a portion of the Second Floor Expansion Space pursuant to such bonafide offer. If Tenant does not notify Landlord pursuant to (i), above, or sign an amendment pursuant to (ii), above, Tenant shall be required deemed to have notified Landlord that it is not exercising its expansion right pursuant to this Section and Landlord may lease such space pursuant to the bonafide offer. Notwithstanding the foregoing, if there is no bonafide offer for any such space from a third party, Tenant still has the first right to lease all of the remainder 3,942 square feet of Rentable Space remaining space on the third (3rd) floorsecond floor of the Building, at the same rental rate then being paid for the initial Premises. In addition, but Tenant will shall not have the right right, absent a third party offer, to expand during lease less than all of the first 6 months by leasing the approximately 15,165 square feet of Rental Space remaining 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 termsecond floor. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Leasethere is a bonafide third party offer, Tenant shall have the right to either (i) lease all of first refusal to the remaining space on the second floor, or (ii) lease the 4th Floor Space in space covered by the event third party offer. Additionally, the parties agree that Landlord receives an offer to lease the space, and any such right executed letter of first refusal shall be on the exact terms received and approved by Landlord intent from a third party offering setting forth the terms of a proposed leasing shall constitute a bonafide offer but other forms of written submissions by third parties or their brokers may also constitute bonafide offers. (B) Tenant shall have a continuous first right to lease additional space on the first and third floors of the Building ("Expansion Space") at market rates, terms and conditions. Landlord shall notify Tenant in writing of the availability of any such space and the market rates, terms and conditions and Tenant shall have thirty (30) days to either (i) accept such offer in writing ("Acceptance Notice") or (ii) notify Landlord that it is not exercising its option to lease the 4th Floor Expansion Space. In the event that Tenant accepts such offer, Landlord shall provide Tenant with a lease for such space and Tenant shall have execute such lease with market rent, terms and conditions, for the Expansion Space within fifteen (15) days of receipt of the lease from Landlord. .. If Tenant notifies Landlord that it is not exercising its option to expand, pursuant to (ii) above, Landlord may lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting all or a portion of the area which Expansion Space at approximately such market rates, terms and conditions without any further obligation to Tenant. If Tenant does not notify Landlord pursuant to (ii) above or execute a lease within the time period herein, Tenant shall be deemed to have notified Landlord that it is available on not exercising its expansion rights pursuant to this Section and Landlord may lease all or a portion of the second Expansion Space at approximately such market rates, terms and conditions without any further obligation to Tenant. (2ndC) and fifth (5th) floors designated and referred Notwithstanding the foregoing, Tenant shall not have such option to as expand into the Second Floor Expansion Space”, Space or the Expansion Space if at any the time during Tenant seeks to exercise its right to expand or at the time the lease term (the “Effective Date”) and ending on the expiration expansion space would have otherwise have occurred (i) Tenant has assigned the Lease or sublet more than forty percent (40%) of the Premises; or (ii) Tenant has committed an Event of Default. (D) Whenever in this Lease Term it is provided that a rent to be paid by Tenant is to be the "market rent" or "market rate" such rent or rate shall be determined as follows: Landlord and Tenant shall each appoint an independent commercial real estate broker having at least ten (unless sooner terminated pursuant 10) years of brokerage experience in the general area in which Reston is located. Those two (2) brokers shall coordinate in good faith in an effort to agree upon such rent or rate. If those two (2) brokers reach agreement as to such market rent or rate, the Landlord and Tenant shall be bound by such determination and the brokers shall submit their determination to the terms parties in writing. If, however, the brokers are unable to agree upon the market rent or rate, they shall appoint a third independent broker of similar experience. The three (3) brokers shall then coordinate in good faith in an effort to agree upon such rent or rate. If they are able to reach agreement, they shall submit their determination in writing to the parties. If they are unable to reach agreement within ten (10) days after the third broker is appointed, then each of the three (3) brokers shall submit their determinations in writing to the parties and the parties shall use the average of the three (3) determinations as the market rent or rate for purposes of this Lease, . Each party shall pay the costs and subject to any rights expenses of extension contained in this Lease) the broker appointed by delivering written notice to Landlord, provided that at it and shall share equally the time costs 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 periodthird broker. Once Tenant shall exercise an expansion option, Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option If for any reason whatsoever a party fails or refuses to appoint a broker, then the determination of the broker who is appointed shall conclusively be deemed a waiver binding on the parties. Until the date that the market rent or rate is determined by the brokers, Tenant shall continue to pay at the same rental rate per square foot that Tenant had been paying (in the case of the exercise of the lease extension option) or is then paying (in the case of leasing additional space). Once the brokers determine the market rent or rate the parties shall make such additional payments or refunds as are necessary to properly reflect the rent due to the date of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spacedetermination.

Appears in 2 contracts

Sources: Deed of Office Lease (Mercator Software Inc), Deed of Office Lease (Mercator Software Inc)

Option to Expand. On or before expiration of (a) During the sixth initial sixty nine (6th69) month term of this Lease (but not during any extension 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 one time right of first refusal offer (“Right of Offer”) to lease any space which becomes vacant on the 4th Floor Space in first floor of the event Building or which Landlord determines will become vacant on the first floor of the Building, after Tenant occupies the Premises (the “Additional Premises”). Tenant’s rights with respect to any portion of the Additional Premises that is vacant as of the date of this Lease shall not apply until after Landlord receives an offer has entered into a final and binding lease agreement for such portion of the Additional Premises. Prior to leasing any portion of the Additional Premises, Landlord shall give Tenant written notice of its intent to lease such portion the space, and any such right of first refusal shall be on the exact terms received and approved by Additional Premises (a “Landlord from a third party offering to lease the 4th Floor SpaceNotice”). Tenant shall have the option thirty (30) days after Landlord has given a Landlord Notice in which to provide Landlord with written notice (an “Election Notice”) of its election to exercise its right to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting all of the area which is available on offered portion of the second Additional Premises (2nd) and fifth (5th) floors designated and referred Tenant shall not have the right to as elect to lease part of the offered portion of the Additional Premises). Tenant shall pay Base Rent for the Additional Premises at the “Expansion Space”Market Rate” (as defined below). If Tenant timely and properly delivers and Election Notice (a) the commencement date of Tenant’s lease of such portion of the Additional Premises shall be the date on which Landlord offers to tender possession to Tenant; (b) possession shall be delivered in “as is” condition, at without representation or warranty, and Landlord shall not be required to make any time during modifications or alterations to the lease term Additional Premises or provide Tenant with a tenant improvement allowance; (c) such portion of the Additional Premises shall be automatically added to the “Effective Date”Premises” and be a part thereof for all purposes under this Lease other than Landlord’s obligation to make improvements pursuant to Exhibit C; (d) and ending on the expiration term of the Lease (i) for the Additional Premises shall be coterminous with the Term (unless sooner terminated pursuant for the Premises if no tenant improvement allowance for the Additional Premises is provided by Landlord and if Landlord is not required to perform any tenant improvements to the terms Additional Premises; or (ii) shall be extended such that the expiration date of this Lease, and subject the Lease is the last day of the sixtieth (60th) full calendar month after the Additional Premises commencement date if Landlord provides a tenant improvement allowance for the Additional Premises or is required to perform 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything tenant improvements to the contrary contained hereinAdditional Premises; (e) as of the Additional Premises commencement date, Tenant’s option Share and Tenant’s Allocated Parking Stalls shall be subject appropriately adjusted to a determination reflect the addition of the Additional Premises; and (f) concurrently with Tenant’s delivery of the Election Notice Tenant shall pay Landlord (i) prepaid rent for the first month of its lease of the Additional Premises; plus (ii) an additional security deposit, which shall be added to the Security Deposit (as defined below), such that the total Security Deposit held by Landlord is an amount equal to one hundred percent (100%) of the last calendar month of the Lease term (as extended pursuant to this Section). All of the other terms and conditions pertaining to the lease of the Additional Premises shall be agreed to by Landlord and Tenant within ten (10) business days after Landlord receives Tenant’s written notice. If Landlord and Tenant are unable to agree on such terms and conditions within the ten (10) business day period, Tenant’s right to lease the Additional Premises shall automatically expire and Tenant shall have no further right to lease the Additional Premises. All of the terms and conditions for the lease of the Additional Premises shall be satisfactory to Landlord, in Landlord’s sole discretion. If Tenant does not give Landlord written notice of its election to lease such portion of the Additional Premises within thirty (30) days after delivery of a Landlord Notice, Landlord shall thereafter be free to lease such portion of the Additional Premises to a third party on any terms and conditions that Landlord shall select, with no further obligation (except for notice as provided below) to Tenant related to such portion of the Additional Premises. In the event that Landlord offers any space to Tenant pursuant to this right of offer and Tenant does not lease the space, the space so offered shall no longer be subject to this right of offer and thereafter Landlord shall not be obligated to offer said space to Tenant. Landlord shall attempt to provide Tenant with courtesy notice upon obtaining a third party offer for such Additional Premises that is acceptable to Landlord. Notwithstanding the foregoing, Landlord’s financial condition failure to provide such notice shall not provide Tenant with any rights or recourse and Tenant shall not have any right to the Additional Premises resulting from such courtesy notice. Tenant shall not have the right to exercise the right of offer granted in this section, at any time that Tenant has subleased all or any portion of the Premises or at any time it makes such election Tenant is sufficient in default (beyond any applicable notice and cure period) as defined in the Lease. This right of offer shall be subject to meet the prior and existing rights of the other tenants in the Project to lease any portion of the Additional Premises, including, but not limited to, any tenant who has the legal right or option to renew or extend its financial obligation associated with the Offered Spacelease.

Appears in 2 contracts

Sources: Office Lease (Arteris, Inc.), Office Lease (Arteris, Inc.)

Option to Expand. On or before expiration (a) Subject to the rights of the sixth (6thexisting tenant(s) month of the termwhose lease(s) pre-date this Lease, and so long as 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 is not 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 default beyond the expiration of any applicable notice and cure period on the sixth date Tenant delivers Tenant’s Cure Expansion Notice (6as hereinafter defined) month and or Tenant’s PWC Expansion Notice (as hereinafter defined), as applicable, or at any time thereafter through the commencement date of Tenant’s lease of the ninth Cure Expansion Premises (9thas hereinafter defined) month following commencement or Tenant’s lease of the LeasePWC Expansion Premises (as hereinafter defined), 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 Leaseas applicable, Tenant shall have the following expansion options: (i) Tenant shall have a one-time right of first refusal (the “Cure Expansion Option”) to lease all or part of the 4th Floor Space in approximately 3,835 rentable square feet of space adjacent to the event that Landlord receives an offer to lease Premises known as the space, and any such right of first refusal shall be “Cure Space’” as depicted on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor SpaceExhibit D attached hereto. Tenant shall have exercise the option Cure Expansion Option by giving notice to Landlord (“Tenant’s Cure Expansion Notice”) exercising the Cure Expansion Option during the period from August 15, 2009 to August 31, 2009, which notice shall specify the portion of the Cure Space that Tenant elects to lease, and which portion shall be contiguous to the Premises (that portion of the Cure Space that Tenant elects to lease at shall be known as the “Cure Expansion Premises”). If Tenant exercises the Cure Expansion Option as aforesaid, then current market rental rates any additional space which is available in 5,000 rsf increments consisting Tenant shall lease the Cure Expansion Premises, and the Cure Expansion Premises shall be deemed part of the area Premises from and after September 1, 2009 through the remainder of the initial Term of the Lease and any Extension Term of the Lease, at the rent and upon the other terms set forth below. (ii) Tenant shall have a one-time right (the “PWC Expansion Option”) to lease all or part of the approximately 672 rentable square feet of space adjacent to the Premises known as the “PWC Space” as depicted on Exhibit D attached hereto. Tenant shall exercise the PWC Expansion Option by giving notice to Landlord (“Tenant’s PWC Expansion Notice”) exercising the PWC Expansion Option during the period from November 15, 2009 to November 30, 2009, which is available on notice shall specify the second portion of the PWC Space that Tenant elects to lease, and which portion shall be contiguous to the Premises (2nd) that portion of the PWC Space that Tenant elects to lease shall be known as the “PWC Expansion Premises”). If Tenant exercises the PWC Expansion Option as aforesaid, then Tenant shall lease the PWC Expansion Premises, and fifth (5th) floors designated the PWC Expansion Premises shall be deemed part of the Premises from and after December 1, 2009 through the remainder of the initial Term of the Lease and any Extension Term of the Lease, at the rent and upon the other terms set forth below. For purposes of this Lease, the Cure Expansion Premises and the PWC Expansion Premises are sometimes referred to collectively herein as the “Expansion SpacePremises. Landlord shall deliver the Expansion Premises to Tenant in vacant, at any time during the lease term (the “Effective Date”) broom clean condition, ordinary wear and ending tear excepted. Landlord represents that on the expiration date Tenant leases the Expansion Premises as set forth above, the Expansion Premises, including without limitation, the electrical, plumbing, HVAC and security systems serving the Expansion Premises shall be in good working order and condition, and the ceiling and windows of the Lease Term (unless sooner terminated pursuant Expansion Premises shall be free of leaks. Tenant shall accept the Expansion Premises in its “as-is” condition. Landlord shall proceed diligently and exercise commercially reasonable efforts to deliver the Expansion Premises to Tenant in the aforementioned condition. Notwithstanding anything contained herein to the terms contrary, the Expansion Premises shall not be deemed part of the Premises until same have been tendered to Tenant in the condition set forth herein. If Tenant fails to, or chooses not to, timely and properly exercise the Cure Expansion Option and/or the PWC Expansion Option, Tenant shall, promptly following request by Landlord, execute and deliver a statement confirming that the Cure Expansion Option and/or PWC Expansion Option, as applicable, has been waived (provided that failure to deliver said statement shall not be construed to mean that Tenant has properly exercised the applicable expansion option). (b) If Tenant does timely and properly exercise the Cure Expansion Option and/or the PWC Expansion Option, as applicable, Tenant shall perform Initial Alterations of the Expansion Premises in accordance with the procedures set forth in the Work Letter attached hereto as Exhibit C, provided that the Tenant Allowance for the Expansion Premises shall be $14.47 per rentable square foot. Tenant shall promptly commence Initial Alterations of the Expansion Premises and diligently pursue them to completion. Tenant shall commence paying Base Rent and Additional Rent on the Cure Expansion Premises from and after the date which is the earlier to occur of (i) the date of Substantial Completion of the Initial Alterations of the Cure Expansion Premises, or (ii) February 28, 2010. Tenant shall commence paying Base Rent and Additional Rent on the PWC Expansion Premises from and after the date which is the earlier to occur of (i) the date of Substantial Completion of the Initial Alterations of the PWC Expansion Premises, or May 30, 2010. Promptly following the date of Substantial Completion of each portion of the Expansion Premises, Landlord and Tenant shall enter into a certificate that confirms the date of Substantial Completion, the amount of space in the Expansion Premises, the revised amount of Base Rent for the Premises and monthly installments, the revised Tenant’s Pro-Rata Share, and any other similar items that cannot be determined until said date. (c) The Base Rent for the Expansion Premises shall be the same as for the original Premises as set forth in Section 1(d) (i.e., $24.88 psf from the rent commencement date of the Expansion Premises through the end of Lease Year 1, increasing to $25.21 psf for Lease Year 2, and then increasing to $25.54 for Lease Year 3). (d) Each of the Cure Expansion Option and the PWC Expansion Option shall automatically terminate upon the earlier to occur of (i) the expiration or termination of this Lease, and subject to any rights (ii) the termination 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 right to possession of the Premises, or (iii) the failure of Tenant to timely exercise an expansion option for any reason whatsoever right to lease space under the Cure Expansion Option and/or the PWC Expansion Option, as applicable.” C. The following sentence shall conclusively be deemed a waiver added to Section III B following subsection (2) of such expansion option. Notwithstanding anything the Work Letter attached to the contrary contained Lease as Exhibit C: “Landlord shall, within fifteen (15) days of its receipt of Tenant’s application for payment and any supplemental documentation required herein, pay to Tenant’s option , as part of the Tenant Allowance, such amounts as are requested and approved pursuant to Section III A herein.” As modified herein, the Lease is hereby ratified and confirmed and shall be subject remain in full force and effect. Please sign below to a determination indicate your agreement with the foregoing. LANDLORD: WE ▇▇▇▇▇▇ STREET, L.L.C. By: WE ▇▇▇▇▇▇ Street Holdings LLC Its Manager By: WE ▇▇▇▇▇▇ Street Manager Corp. Its Sole Member By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇ Its President Acknowledged and Agreed: TENANT: KOLLTAN PHARMACEUTICALS INC. By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ Its CEO ▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇ ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇ Kolltan Pharmaceuticals Inc. ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, Suite 530 New Haven, CT 06511 RE: HVAC System - Premises at ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, New Haven, CT - Suite 530 Dear ▇▇▇▇: Reference is hereby made to that certain Lease Agreement between WE ▇▇▇▇▇▇ Street, L.L.C. (“Landlord”) and Kolltan Pharmaceuticals Inc. (“Tenant”), dated as of January 5, 2009 (the “Lease”), by Landlord, in which Tenant leases space on the fifth floor of the Building consisting of approximately 7,775 rentable square feet of space and known as Suite 530 (the “Premises”). The purpose of this letter is to set forth Landlord’s discretion, that Tenant’s financial condition at contribution towards the time it makes such election is sufficient cost of the HVAC system servicing the Premises under the terms and conditions set forth herein. Capitalized terms used but not defined herein shall have the same meaning ascribed to meet its financial obligation each in the Lease. The undersigned have agreed to the following: Landlord hereby agrees to contribute Five Thousand & 00/100 Dollars ($5,000.00) to Tenant for additional costs associated with the Offered Spaceinstallation of the HVAC system in the leased Premises. Furthermore, the undersigned parties agree that the execution of this letter agreement is in addition to, and will not affect or modify any other provision of the Lease. Please sign and have witnessed four (4) originals and return two fully executed originals to Winstanley Enterprises LLC, ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ Extension, Suite 303, Concord, MA 01742, Attention: ▇▇▇▇ ▇▇▇▇▇▇▇. Acknowledged and Agreed: WE ▇▇▇▇▇▇ STREET, L.L.C. By: WE ▇▇▇▇▇▇ Street Holdings LLC Its Manager By: WE ▇▇▇▇▇▇ Street Manager Corp. Its Sole Member By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇ President Acknowledged and Agreed: KOLLTAN PHARMACEUTICALS INC. By: /s/ [ILLEGIBLE] Dated: 1/29/10 Name: Its: Enclosure: Kolltan Pharmaceuticals Inc. Letter dated November 4, 2009 ▇▇▇ ▇▇▇▇▇ Vice President of Asset Services Winstanley Enterprises, LLC ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ Extension, Suite 303 Concord, MA 01742 RE: Invoice for Heat Pump Valves Dear ▇▇▇, Per your request, please find attached the invoice from ▇▇▇▇▇▇▇▇ Facilities Construction Company, Inc. for the amount of $10,117.57 for the heat pumps and increased water supply to our office. Per our agreement via e-mail, Winstanley Enterprises, LLC will pay half of this ▇▇▇▇ in the amount of $5,000.00 payable to Kolltan Pharmaceuticals, Inc. Thank you for your thoughtful attention to resolving this matter. Best regards, /s/ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ Vice President, Finance and Treasurer Encs.

Appears in 2 contracts

Sources: Lease Agreement (Kolltan Pharmaceuticals Inc), Lease Agreement (Kolltan Pharmaceuticals Inc)

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 Option to Lease Floor Three of first refusal to lease the 4th Floor Space in the event that Landlord receives an offer to lease the Building located at ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇. The Third Floor, as shown on Exhibit D, comprises 13,384 square feet of space, which includes Tenant’s prorata share of Building common areas and any such right of first refusal shall hereinafter 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”. Tenant’s Option to Lease the Expansion Space shall be for a lease term of five (5) years, at any time during and shall be on the following terms and conditions: (a) Tenant’s lease of the Expansion Space shall commence between months Twenty Five (25) and Thirty Six (36) (including, for the avoidance of doubt, the first day following month 36). Tenant shall give Landlord six (6) months prior written notice to lease the Expansion Space. (b) The term of Lease for the Expansion Space shall be for five (5) years commencing on the later of the lease term commencement date specified in the written notice received from Tenant exercising Tenant’s Option to Lease the Expansion Space or delivery of the Expansion Space by Landlord to Tenant (the “Effective Expansion Commencement Date”). It is hereby agreed that the Original Premises Lease Expiration Date, confirmed by the letter referred to in Paragraph 2 (A) above, shall be revised so that Tenant’s Lease for the Original Premises shall be coterminous with Tenant’s five (5) year lease of the Expansion Space. For example, if the Commencement Date was May 1, 2014 and ending therefore the term expires April 30, 2019, and in the event Tenant exercised its option to lease the Expansion Space as of the beginning of the 37th month of the Initial lease (in this example May 1, 2017), then the term of lease for the Expansion Space would be May 1, 2017 through April 30, 2022, and the Initial Lease term on the Original Premises would be extended from April 30, 2019 to April 30, 2022. (c) The Basic Rent for the Expansion Space shall be at the same Basic Rent rate being paid by tenant for the Original Premises for the initial lease, as shown in Paragraph 4(A) below, and shall be adjusted on the same dates and at the same rates, as shown in Paragraph 4(A). For the period beginning on the day after the expiration of the Initial lease term on the Original Premises through the revised expiration of the lease, the Basic Rent rate shall be increased $.10 per square foot for each year. Continuing the example as described in Paragraph 2(D)(b) above, the Basic Rent rate would be as indicated for the time periods as follows: 5/1/2019 — 4/30/2020 $ 3.70 NNN 5/1/2020 — 4/30/2021 $ 3.80 NNN 5/1/2021 — 4/30/2022 $ 3.90 NNN (d) The then current payment for Additional Rent described in Paragraph 4D of the Lease Term (unless sooner terminated pursuant shall apply to the terms Expansion Space at the same rate as the Original Premises, and shall continue to be adjusted according to Paragraph 4D of this Lease, Lease throughout the lease term. (e) This Option to Expand can be exercised only by the Coupa Software Incorporated or any Permitted Transferee for their sole use of the Premises and subject may not be transferred or assigned to any rights sublessee or other party (other than a Permitted Transferee), nor may this option be exercised by Coupa Software Incorporated for the use of extension contained in this Lease) the Premises 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 sublessee or party other than Coupa Software Incorporated or any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered SpacePermitted Transferee.

Appears in 2 contracts

Sources: Lease Agreement (Coupa Software Inc), Lease Agreement (Coupa Software Inc)

Option to Expand. On or before expiration Provided that Sublessee has not been in Default of ---------------- any its obligations under this Sublease Agreement beyond the applicable cure period and that Sublessor has not given more than four (4) notices of Default to Sublessee prior to the date of the sixth (6th) month exercise of the termoption, Tenant and provided further that Sublessee does not thereafter default under any of its obligations under this Sublease Agreement, Sublessee shall be required have the option to lease sublease from Sublessor the remainder 3,942 remaining portion of Sublessor's space on the 4th floor of the Building, comprising approximately 10,000 rentable square feet of Rentable space ("Option Space") effective January 31, 2002 ("Option Space Date") for the remainder of the Sublease Term. This option shall be exercised by written notice given by Sublessee to Sublessor no less than 180 days prior to the Option Space Date. If Sublessee fails to exercise the option in that manner and by that date, the option shall expire and have no further force or effect. If Sublessee timely exercises the option in the manner just described, then the Option Space shall become a part of the Subleased Premises on the Option Space Date, the monthly installment of Base Rent due under this Sublease shall be increased on that date by the number of rentable square feet of the Option Space multiplied by the annual Base Rent then in effect (and shall be increased as and to the extent that Base Rent is increased for the remaining Subleased Space from time to time), and Sublessee's Share for purposes of calculating Additional Rent shall be adjusted according to the formula set forth in paragraph 3.2. Sublessee shall accept the Option Space "AS IS," in its then-existing condition, and subject to the provisions of paragraph 9.1 of this Sublease Agreement. If Sublessor has not previously constructed or caused to be constructed tenant improvements in the Option Space, then Sublessor shall provide to Sublessee an allowance for construction of tenant improvements equal to $23.00 per rentable square foot of the Option Space on the third same terms and conditions as Sublessor's Allowance as described in Exhibit C concerning Sublessee Improvements. Sublessor agrees that if it subleases the Option Space to any other person or entity (3rd"Other Option Space Subtenant") floorfor any period prior to the Option Space Date, then Sublessee shall have the right, at its election, to review the same rental rate then being paid proposed space plan for construction of tenant improvements to the Option Space for the initial Premisesbenefit of the Other Option Space Subtenant (collectively, "Space Plan"). In additionWithin ten (10) days after receipt of a copy of the Space Plan, Tenant will Sublessee shall have the right to expand during give written notice to Sublessor that it exercises its option to take the first 6 months by leasing Option Space early, in which case the approximately 15,165 square feet Option Space shall become a part of Rental Space the Subleased Premises on the fourth (4th) floor (thirtieth day following its receipt of the “4th Floor Space”) as identified on Exhibit “B-1” attached Space Plan. If Sublessee does not timely exercise its option to this Lease and incorporated herein by reference at take the same rental rate then being paid Option Space early in the initial Premisesmanner just described, then Sublessor shall have the right to proceed with construction of tenant improvements to benefit the Other Option Space Subtenant substantially in accordance with the Space Plan; provided, however, Landlord will continue that if Sublessor expends less than $23.00 per rentable square foot of the Option Space for the construction of tenant improvements 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)Option Space, but and if Tenant elects Sublessee properly exercises its option to lease the 4th Floor Option Space thereafter, then upon exercise of its option Sublessee shall be entitled to have the difference between the expiration $23.00 per rentable square foot of the sixth (6) month Option Space and commencement the amount actually spent by Sublessor for construction of tenant improvements to the ninth (9th) month following commencement Option Space as an allowance for construction of its improvements to 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 Option Space 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 same terms and conditions as Sublessor's Allowance described 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.Exhibit C.

Appears in 1 contract

Sources: Office Lease Agreement (Drugstore Com Inc)

Option to Expand. On A. Provided that (i) Tenant named herein or before expiration a corporation or partnership which controls, is controlled by, or is under common control with the Tenant named herein is the tenant under the lease, (ii) Tenant is not in default under this lease either as of the sixth (6th) month date of the termgiving of Tenant's Notice (hereinafter defined) or the Inclusion Date (hereinafter defined), Tenant shall be required to (iii) this lease is otherwise in full force and effect, (iv) no other tenant under a lease (existing as of the remainder 3,942 square feet of Rentable Space on the third (3rddate hereof, except as provided below) 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 premises 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 (building has 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 offer or refusal to lease or other contractual right for the 4th Floor Additional 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. (hereinafter defined) then Tenant shall have the option to include any space on the sixteenth (16th) floor of the Building (the "Additional Space"), upon the same terms and subject to the conditions of this lease at then current market rental rates any including, without limitation, the base year factors set forth herein and to such additional space which is available in 5,000 rsf increments terms and conditions as are hereinafter set forth. Notwithstanding the foregoing, the portion of the Additional Space consisting of Suite 1610 may first be offered to other tenant(s) of the area Building, and in the event that none of such tenants exercises any right which it may have pursuant to their leases (whether or not such leases exist as of the date hereof) to lease Suite 1610, Tenant shall have the option to include Suite 1610 as part of the demised premises as set forth herein. B. In the event that all or any portion of Additional Space shall become or is about to become available on for leasing, Owner shall give notice thereof to Tenant (the second "Availability Notice") stating (2ndi) the portion of Additional Space which has become or is about to become available for leasing and fifth (5thii) floors designated and referred the expected date such Additional Space will be available for leasing (the "Inclusion Date") and, in such event, Tenant shall have the option, exercisable only by notice ("Tenant's Notice") given to as Owner within five (5) business days next following the “Expansion Space”date of the giving of such Availability Notice, at any time during to add such Additional Space to the demised premises. In the event that such Additional Space shall become available for leasing sooner than the applicable Inclusion Date because of the earlier termination of the term of the lease term affecting such Additional Space, Owner shall have the right to accelerate the Inclusion Date by not less than fifteen (15) days' prior notice to Tenant. In the “Effective Date”) event Tenant shall send a Tenant's Notice to Owner the applicable Additional Space shall be added to and ending on included in the expiration demised premises effective as of the Lease Term (unless sooner terminated Inclusion Date. C. The fixed rent for the Additional Space shall be equal to 90% of the fair market annual rental value for the demised premises determined as of the date of the Availability Notice as determined pursuant to the terms provisions of this LeaseArticle, but in no event less than the fixed rent (on a per square foot basis) then being paid for the balance of the demised premises. Owner shall give Tenant written notice (the "Additional Space Determination Notice") of Owner's determination of the fixed rent payable for the Additional Space no later than thirty (30) days after its receipt of the Tenant's Notice. D. In the event Tenant disputes the annual fair market rental value as determined by Owner in the Additional Space Determination Notice, then within ten (10) days after the giving of the Additional Space Determination Notice, Tenant may request that such annual fair market rental value shall be determined by arbitration, as set forth in Article 53 hereof. E. Notwithstanding anything contained herein to the contrary, if Owner is unable to give Tenant possession of all or any portion of any applicable Additional Space on the applicable Inclusion Date by reason of the holding over or retention of possession of any tenant or other occupant, (a) the Inclusion Date applicable to such Additional Space shall be the date Owner shall give Tenant possession of such Additional Space, (b) the expiration date hereof shall not be affected thereby, (c) the validity of this lease shall not be affected in such circumstances, and subject to (d) Tenant waives any rights under Section 223-a of extension the Real Property Law of New York or any successor statue of similar import to rescind this lease and further waives the rights to recover any damages which may result from the failure of Owner to deliver possession of such Additional Space. F. Tenant shall accept any Additional Space in its "as is" condition and state of repair existing as of the Inclusion Date (excluding any latent defects, provided Tenant gives Owner prompt notice thereof) and understands and agrees that Owner shall perform no work and incur no expense in connection with the preparation of such Additional Space for Tenant's occupancy. G. The expiration or earlier termination of this lease shall terminate and render void all of Tenant's options of or elections under this Article whether or not the same shall have been exercised and nothing contained in this Lease) Article shall prevent Owner from exercising any right or action granted to or reserved by delivering written notice Owner in this lease to Landlordterminate this lease. None of Tenant's options or elections set forth in this Article may be severed from this lease or separately sold, provided that at assigned or transferred. H. If Tenant does not send Tenant's Notice with respect to any Additional Space which is the time subject of such notice and on an Availability Notice pursuant to the Effective Date, no event of default, as defined in Paragraph 25 provisions of this LeaseArticle within the applicable time period, time being of the essence, then this Article shall have no further force and effect with respect to the such Additional Space, and Tenant shall have forever waived and relinquished its right to such Additional Space and Owner shall at any and all times thereafter be entitled to lease such Additional Space to any other person or entity at such rental and upon such terms and conditions as Owner in its sole discretion may desire. I. If by the commencement of the Extended Term the annual fair market rental value of demised premises has not yet been determined, Tenant shall, until such determination, pay fixed rent for the demised premises as determined by Owner in its Fair Market Determination Notice, and when the determination has actually been made by the arbitrator, an appropriate adjustment, if any, 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything made retroactive to the contrary contained herein, Tenant’s option commencement of the Extended Term. J. Time shall be subject of the essence with respect to a determination by Landlord, the delivery of all notices provided for in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spacethis Article.

Appears in 1 contract

Sources: Office Lease (Organic Inc)

Option to Expand. On or before expiration Provided Tenant has not received from Landlord written notice of Tenant’s default of the sixth terms of the Lease (6thunless such default has been cured), during the period of time commencing with the Second Extended Term Commencement Date and expiring on the last day of the twenty fourth (24th) month of the termthereafter, Tenant shall have the right, but not the obligation, to expand the Premises upon and subject to the following terms and conditions (the “Expansion Option”). The Available Space (herein so called) is the square footage depicted on Exhibit “B” attached hereto and made a part hereof The Expansion Option can be required exercised by Tenant delivering to lease Landlord one hundred fifty (150) days prior written notice (the remainder 3,942 “Expansion Space Election Notice”) of such exercise. The Expansion Space Election Notice must include the square footage (the “Expansion Space”) of the Available Space Tenant is electing to expand in to, which square footage must either be (i) all of the Available Space or (ii) the approximately 6,000 square feet of Rentable Available Space on immediately adjacent to the third (3rd) floor, at the same rental rate then being paid for the initial Premises. In additionIf Tenant exercises the Expansion Option on a timely basis, Tenant will then Landlord shall have a period of sixty (60) days from its receipt of the right Expansion Space Election Notice to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor notify Tenant, in writing (the “4th Floor Landlord’s Notice”), as to whether. Landlord will accommodate Tenant’s expansion request or not. Landlord’s failure to notify Tenant in writing within such sixty (60) day period as to whether Landlord will accommodate Tenant’s expansion request shall be deemed Landlord’s notice, as of the last day of the sixty (60) day period, that Landlord will not accommodate Tenant’s expansion request. If Landlord notifies Tenant within such sixty (60) day period that Landlord will accommodate Tenant’s expansion request, then Tenant shall lease the Expansion Space, commencing with the Expansion Space Commencement Date (as hereinafter defined), upon the terms and conditions of the Lease (except as otherwise expressly set forth herein). Within five (5) days of Landlord notifying Tenant that Landlord will accommodate Tenant’s expansion request, Landlord and Tenant shall execute an amendment to the Lease adjusting those provisions of the Lease which are affected by a change in square footage of the Premises, effective as identified of the Expansion Space Commencement Date. Tenant shall commence paying Base Rent and Tenant’s Proportionate Share of Taxes and Expenses (as well as service and utility charges and all other additional rent required by the Lease with respect to the Expansion Space) commencing on Exhibit “B-1” attached the Expansion Space Commencement Date. The Expansion Space Commencement Date (herein so called) shall be the date upon which Landlord delivers the Expansion Space to this Lease and incorporated herein by reference at Tenant, which date shall be no later than ninety (90) days from the same rental rate then being paid in date the initial PremisesLandlord’s Notice is delivered to Tenant; provided, however, if the Expansion Space has not been delivered within such ninety (90) day period but Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one is using commercially reasonable efforts in pursuing delivery, then Landlord shall have such additional period of three (3) months (a total of nine months following time as is necessary to deliver the commencement date)Expansion Space provided Landlord continues to use commercial]y reasonable efforts in pursuing delivery, but in no event shall the delivery date exceed one- hundred fifty (150) days. Notwithstanding the provision as provided below, in such event that the Landlord fails to deliver the space on or before one hundred fifty (150) days after the date the Landlord’s Notice is delivered, then Tenant, at its sole and exclusive remedy for such failure, shall have the right to terminate the Lease with thirty (30) days prior written notice if such notice is delivered prior to delivery of the Expansion Space. In the event Tenant elects to lease exercise its termination right as aforesaid, then Tenant, as a condition precedent to such exercise, shall pay to Landlord, at the 4th Floor Space between time Tenant delivers the expiration written notice of termination to Landlord, as an early termination fee, the sum of the sixth (6i) month and commencement unamortized portion of the ninth leasing commissions paid by Landlord in connection with this Amendment, plus, (9thii) month following commencement unamortized portion of the TI Allowance, each of (i) and (ii) being amortized at the Amortization Rate over months 8 — 67 of the Second Extended Term. The Expansion Space shall be delivered in its “AS-IS” “WHERE IS” AND “WITH ALL FAULTS” condition as of the Expansion Space Commencement Date. Provided Tenant has not received from Landlord written notice of Tenant’s default of the terms of the Lease (unless such default has been cured), the Expansion Space TI Allowance (herein so called) shall be equal to the product of $4.00/60 multiplied by the number of months remaining in the term of the Lease after the Expansion Space Commencement Date multiplied by the number of square feet of rentable area in the Expansion Space. All work performed by Tenant in improving the Expansion Space shall be done in accordance with the terms and conditions of the Lease, including, without limitation, Article 6 of the rental rate Lease and Section 6 of the Second Amendment. Any portion of the Expansion Space TI Allowance remaining upon that date (the “Expansion Space TI Allowance Forfeiture Date”) which is the earlier to occur of (i) the completion of Tenant’s improvements, if any, to the Expansion Space, and (ii) twelve (12) months from the Expansion Space Commencement Date shall be increased deemed forfeited by twenty-five cents Tenant. The Expansion Space TI Allowance shall be paid to Tenant in the same manner as the “Improvement Allowance” was contemplated to be paid pursuant to the first (.25¢1So) per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length sentence of the term. If the Tenant does not elect to lease the fourth third (4th3d) floor space during the initial nine (9) months following commencement paragraph of Section 6 of the LeaseSecond Amendment. Except as provided above, if Tenant exercises the Expansion Option but Landlord notifies (or is deemed to have notified) Tenant that Landlord will not accommodate Tenant’s expansion request, then Tenant, as its sole and exclusive remedy, shall have the right to terminate this Lease effective as of first refusal the ninetieth (9Otj day after Landlord notifies (or is deemed to lease the 4th Floor Space in the event have notified) Tenant that Landlord receives an offer to lease the space, and any such right of first refusal shall will not accommodate Tenant’s expansion request. Such termination option can be on the exact terms received and approved exercised 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 no later than thirty (30) days after the date upon which Landlord notifies (or is deemed to have notified) Tenant that Landlord will not accommodate Tenant’s expansion request. If Tenant does not terminate the Lease as foresaid, the Tenant shall continue to lease the Premises through the expiration of the Term of the Lease. In the event Tenant elects to exercise its termination right as aforesaid, then Tenant, as a condition precedent to such exercise, shall pay to Landlord, provided that at the time Tenant delivers the written notice of such notice and on the Effective Date, no event of defaulttermination to Landlord, as defined an early termination fee, the sum of the (i) unamortized portion of the leasing commissions paid by Landlord in Paragraph 25 connection with this Amendment, plus, (ii) unamortized portion of this Leasethe TI Allowance, shall have occurred each of (i) and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option(H) being amortized at the Amortization Rate over months 8 — 67 of the Second Extended Term, Tenant may not thereafter revoke plus, (Hi) (a) if such exercise. termination occurs during the first (13t) twelve (12) months of the Seconded Extended Term, the sum of five (5) months of Monthly Installments of Rent and five (5) month’s of Tenant’s failure to timely exercise an expansion option Proportionate Share of Expenses and Taxes (at the rates which would have been due for any reason whatsoever shall conclusively be deemed a waiver the five (5) months immediately following the effective date of the termination) or (b) if such expansion option. Notwithstanding anything to termination occurs after the contrary contained hereinfirst (1st) twelve (12) months of the Seconded Extended Term, the sum of four (4) months of Monthly Installments of Rent and four (4) month’s of Tenant’s option Proportionate Share of Expenses and Taxes (at the rates which would have been due for the four (4) months immediately following the effective date of the termination). The Expansion Option shall be subject personal to a determination Tenant and shall not be transferred, encumbered, or assigned by LandlordTenant or in any manner transferred to, in Landlord’s discretionor exercised by, that any subtenant of Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.

Appears in 1 contract

Sources: Lease (Optex Systems Holdings Inc)

Option to Expand. On or before expiration Provided that (i) Tenant has not been in Default under the Lease beyond applicable cure periods (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the sixth entire Leased Premises throughout the Original Term, (6thiv) 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 finds it necessary to expand its operations during the first 6 months by leasing the approximately 15,165 square feet term 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 requires at the same rental rate then being paid least fifty percent (50%) more rentable area than is contained in the initial Leased Premises; provided, however, (v) Landlord will continue has sufficient space to keep the 4th Floor Space available for lease to Tenant for one additional period of three in the Park, and (3vi) months (a total of nine months following Landlord and Tenant mutually agree on the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration terms and conditions of the sixth (6) month and commencement lease 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 such 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 expand 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) Leased Premises by delivering written notice to Landlord, provided that no later than six (6) months prior to the proposed effective date of such expansion, written notice of Tenant's desire to expand the Leased Premises. The Leased Premises, after such expansion, shall consist of not less than 4,050 rentable square feet (the "Expanded Premises"). Provided the conditions set out above are met, if sufficient space is not available for lease in the Building at the time of such notice Tenant exercises its option to expand, Landlord shall, at Tenant's election and on at Tenant's expense, relocate the Effective DateExpanded Premises to another Building owned by Landlord in the Park. If Tenant properly exercises its option to expand, Landlord and Tenant shall execute a new Lease or an amendment to the Lease reflecting the terms and conditions for the Expanded Premises. In no event of default, as defined shall Landlord be required to terminate this Lease in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond order to relocate Tenant to 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination place other than another building owned by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spaceas described above.

Appears in 1 contract

Sources: Lease Agreement (Spheris Leasing LLC)

Option to Expand. On or before expiration As of the sixth (6th) month Effective Date, Sublessor subleases that certain portion of the term, Tenant shall be required to lease the remainder 3,942 Premises consisting of approximately nineteen thousand (19,000) rentable square feet of Rentable Space located on the third first floor of Buildings F and G (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”) to Mailfrontier, at any time during the lease Inc. (“Mailfrontier”). The term of Mailfrontier’s sublease (the “Effective DateMailfrontier Sublease”) expires on November 30, 2006, and ending on Mailfrontier has two (2) options to extend the term of the Mailfrontier Sublease, each for a period of one (1) year. Subject to, and in accordance with, the provisions of this Section 17, upon the expiration of the Lease Term initial term of the Mailfrontier Sublease, provided Mailfrontier has not exercised its option to extend the initial term of the Mailfrontier Sublease, or, upon the expiration of the extended term of the Mailfrontier Sublease, in the event Mailfrontier has exercised one (unless sooner terminated 1) or both of its one (1)-year options to extend the term of the Mailfrontier Sublease, Sublessee shall have the option (the “Expansion Option”) to expand into the Expansion Space. Sublessee shall exercise the Expansion Option by delivering a notice (the “Expansion Space Notice”) to Sublessor within ten (10) business days after Sublessee’s receipt of written notice from Sublessor confirming the expiration date of the term of the Mailfrontier Sublease (based on Mailfrontier’s exercise, or failure to exercise, its extension options under the Mailfrontier Sublease). If Sublessee does not timely deliver the Expansion Space Notice, Sublessor may sublease the Expansion Space to any party upon any terms and conditions Sublessor elects, and the Expansion Option shall terminate and have no further force or effect. If Sublessee timely delivers the Expansion Space Notice, the Expansion Space shall be subleased by Sublessee upon the same terms and conditions applicable to the original Sublet Space and for a term coterminous with the original Sublet Space, except that the Basic Rent for the Expansion Space shall be equal to the then-Prevailing Market Rent for the Expansion Space, as determined pursuant to Exhibit D, attached hereto. Promptly after the terms determination of the Prevailing Market Rent for the Expansion Space, the Parties shall enter into an amendment to this LeaseSublease confirming Sublessee’s sublease of the Expansion Space (including appropriate revisions to Basic Rent, description of the Sublet Space, Sublessee’s Share and the number of parking spaces available to Sublessee pursuant to this Sublease), which amendment shall be subject to any rights the consent of extension contained in this Lease) by delivering written notice Landlord. The Expansion Option is personal to LandlordSublessee and shall be inapplicable and null and void if, provided that at the time of such notice and on the Effective Datedate of the Expansion Space Notice or on the date immediately preceding the date the sublease term for the Expansion Space is to commence, no event (i) Sublessee has assigned its interest under this Sublease, or (ii) Sublessee is not in occupancy of defaultthe entire original Sublet Space and the entirety of any First Offer Space, as defined in Paragraph 25 Section 16 above, previously subleased by Sublessee pursuant to this Sublease (or, if possession of this Leaseany such previously-subleased First Offer Space has not yet been delivered to Sublessee, shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option, Tenant may Sublessee does not thereafter revoke such exercise. Tenant’s failure intend to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver occupy the entirety of such expansion optionFirst Offer Space once possession is delivered, but instead intends to assign its interest under this Sublease with respect to such First Offer Space or sublease such First Offer Space in whole or in part). Notwithstanding anything to Additionally, the contrary contained herein, Tenant’s option Expansion Option shall be subject inapplicable and null and void if Sublessee is in default under this Sublease on the date of the Expansion Space Notice or on the date immediately preceding the date the sublease term for the Expansion Space is to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spacecommence.

Appears in 1 contract

Sources: Sublease Agreement (Connetics Corp)

Option to Expand. On or before expiration of the sixth (6th) month of the term, Provided that 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 is not 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 default beyond any applicable cure 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 Leaseunder Section 24, Tenant shall have the right to expand the Premises by up to 7,853 square feet on the first floor, ▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇▇▇ (the “First Floor Expansion Space”), at the same terms and conditions under this Lease (except for Base Rent as provided below) commencing any time after 12/31/2013 with one hundred eighty (180) day prior notice. If Tenant exercises its right to expand (gives notice) within the first eighteen (18) months of first refusal the Lease Term, Landlord shall provide a tenant improvement allowance of twenty-four and 77/100 dollars ($24.77) per square foot for the upfit of the First Floor Expansion Space and any additional upfit will be at Tenant’s expense. Base Rent for the First Floor Expansion Space shall be equal to lease $7.65 per rentable square foot escalated at two percent (2%) per annum with the 4th escalation being calculated from the original Commencement Date of the Lease. Tenant’s option to expand into the First Floor Expansion Space is subject to Landlord’s right to terminate as outlined in the event existing Tenant’s current lease (AquaMost, Inc.) (the “AquaMost Lease”), which reads as follows: “Landlord reserves the right, provided the effective date of such termination is not before December 31, 2013, to relocate Tenant to substitute premises of comparable size within the Project Landlord shall provide Tenant with written notice by either: 1) 180 day notice, in which case Landlord will pay Tenant’s out of pocket costs incurred with moving its furniture and equipment, or 2) 120 day notice, in which case Landlord will pay Tenant $25,000 in addition to moving expenses described above (such additional fee shall not be paid if Landlord provides replacement property on terms acceptable to Tenant). If Landlord does not offer a suitable substitute location or if Tenant does not agree on the substitute location within thirty (30) days after receipt of Landlord’s notice, this Lease shall terminate at the end of either the one hundred eighty (180) or one hundred twenty (120) day period following Landlord’s notice. Should Tenant elect to expand into the First Floor Expansion Space and Landlord is obligated under the AquaMost Lease to pay the $25,000 and/or moving expense, Exact Sciences (Tenant) shall pay the actual, reasonable out of pocket expense to relocate AquaMost, Inc. Notwithstanding the foregoing, Tenant recognizes Landlord’s desire to accommodate its other tenants in the building to the extent possible. To that end, Tenant agrees to work in good faith with Landlord to minimize negative impacts to such other tenants as a result of exercising its expansion rights. This may include, to the extent practical, Tenant first exercising expansion rights in other areas of the building such as vacant space or the second floor space now occupied by Alexander Co. Further, Tenant agrees in good faith to provide notice whether formal or informal as early as possible giving Landlord as much time as possible to accommodate its other tenants. In addition, provided that Landlord receives an offer has not leased (subject to lease the space, and any such Tenant’s right of first refusal refusal) the space to a 3rd party other than the Alexander Company, Tenant shall have the right to expand into 5,810 square feet (145 E Badger Road, Suite 200) on the second floor (the “Second Floor Expansion Space”) “as is” by giving written notice to Landlord within the first eighteen (18) months of the Lease. Base rent for the Second Floor Expansion Space shall be on $13 / rsf NNN escalated at two percent (2%) per annum with the exact terms received escalation being calculated from the original Commencement Date of the Lease. Landlord shall provide new paint and approved by Landlord from a third party offering to lease carpet as part of this expansion into the 4th Second Floor Expansion Space. Tenant shall provide a one hundred twenty (120) day prior notice prior to the effective date of such expansion into the Second Floor Expansion Space. If Tenant expands into either the First Floor Expansion Space or the Second Floor Expansion Space, Tenant shall extend the term of this Lease for a period of five (5) years from the effective date of the expansion, and such extension shall not be deemed an exercise of the Extension Option by Tenant. In addition, Tenant shall have the option right to lease at then current market rental rates any additional space which expand into 3,189 square feet, if such room is available not included in 5,000 rsf increments consisting of the area which is available such square footage total, (145 E Badger Road, Suite 102) on the second first floor (2nd) and fifth (5th) floors designated and referred to as the “Suite 102 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 giving written notice to Landlord, provided that Landlord within the first twelve (12) months of the Lease. Base rent for the Suite 102 Expansion Space shall be $13 / rsf NNN escalated at two percent (2%) per annum with the time escalation being calculated from the original Commencement Date of such notice the Lease. Landlord shall provide a tenant improvement allowance of four and on 00/100 dollars ($4.00) per square foot per remaining lease year (including any pro-rata amount for any partial year remaining) for the Effective Date, no event upfit of default, as defined in Paragraph 25 of this Lease, shall have occurred the Suite 102 Expansion Space and remain uncured beyond any applicable cure periodadditional upfit will be at Tenant’s expense. Once Tenant shall exercise an expansion option, provide sixty (60) days prior notice of its desire to expand into the Suite 102 Expansion Space to allow Landlord to prepare such space for delivery to Tenant may not thereafter revoke and such exercisespace shall be added to the Premises no later than one hundred eighty (180) days after such notice. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to into the contrary contained herein, Tenant’s option Suite 102 Expansion Space shall be subject to Landlord’s ability to terminate the lease of any existing tenant in such space or relocate such tenant which Landlord shall use all reasonable efforts to do if Tenant exercises its right to expand into the Suite 102 Expansion Space. Further, Tenant shall have the right to expand into the existing campus common conference room on the first floor of the building (the “Conference Room”) by giving written notice to Landlord within the first twelve (12) months of the Lease. Base rent for the Conference Room shall be $13 / rsf NNN escalated at two percent (2%) per annum with the escalation being calculated from the original Commencement Date of the Lease. Landlord shall provide a determination by tenant improvement allowance of four and 00/100 dollars ($4.00) per square foot per remaining lease year (including any pro-rata amount for any partial year remaining) for the upfit of the Conference Room and any additional upfit will be at Tenant’s expense. Tenant shall provide sixty (60) days prior notice of its desire to expand into the Conference Room to allow Landlord to prepare such space for delivery to Tenant and such space shall be added to the Premises no later than one hundred eighty (180) days after such notice. Tenant’s expansion into the Conference Room shall be subject to Landlord, ’s ability to replace the Conference Room in another building in the Novation Campus at such time as suitable space becomes available at Landlord’s discretion. If Tenant expands into the Suite 102 Expansion Space or the Conference Room, that Tenant’s financial condition at Tenant shall not be required to extend the time it makes such election is sufficient term of this Lease unless expressly required to meet its financial obligation associated with do so under the Offered Spaceterms of the other expansion options described in this Section.

Appears in 1 contract

Sources: Lease (Exact Sciences Corp)

Option to Expand. On or before expiration of WITHIN THE BUILDING - FIRST GENERATION SPACE. At any time within the sixth twelve (6th12) 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 date of execution hereof and subject to lease the 4th Floor Space between the expiration availability 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 Leasespace, 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 or a third party offering to lease the 4th Floor Space. Tenant Permitted Transferee shall have the option to lease at then current market rental rates expand the Leased Premises ("Expansion Option"), to occupy space consisting of a minimum of an additional 12,800 rentable square feet of any additional previously unleased, first generation space which in the Building (the "Expansion Space"). In the event Tenant elects to exercise its Expansion Option, Landlord and Tenant hereby agree that (i) Tenant shall provide Landlord with one hundred twenty (120) days prior written notice of its desire to expand; and (ii) if said Expansion Space is available in 5,000 rsf increments consisting for lease to Tenant, the term for the Expansion Space shall be coterminous with the term for the original Leased Premises, and the Minimum Rent for the Expansion Space shall be equal to and amount of Four Dollars and Forty Five Cents ($4.45) per rentable square foot of the area which is available on the second (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space. Landlord shall provide Tenant with a tenant finish improvement allowance equal to Six Dollars ($6.00) per rentable square foot of the Expansion Space ("Landlord's Expansion Allowance"). Landlord's Expansion Allowance shall be applied solely toward the cost of constructing and completing the tenant finish improvements within the Expansion Space for Tenant's use and occupancy of the Expansion Space. The cost of any tenant finish improvements within the Expansion Space which exceed the amount of Landlord's Expansion Allowance shall be paid in full by Tenant to Landlord within thirty (30) days of Tenant's receipt of an invoice therefor. If Tenant properly exercises its Option to Expand, Landlord and Tenant shall execute an amendment to the Lease reflecting the above-described terms for the Expansion Option, within thirty (30) days after Tenant's receipt of Landlord's Notice advising that the Expansion Space is available. In the event Landlord notifies Tenant that the Expansion Space is not available for lease to Tenant, this Expansion Option shall remain in effect with respect to any space becoming available 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered SpaceTerm.

Appears in 1 contract

Sources: Lease Agreement (Mim Corp)

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 first 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; providedlease, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of upon 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 advance written notice to Landlord, provided a portion of the upper level of Building Two under the same terms and conditions with a term that runs coterminous with the Term of the Lease Agreement, hereinafter referred to as Expansion One and Expansion Two, according to the following: (a) Expansion One - up to three thousand one hundred sixty-four (3,164) usable square feet at the time commencement of such notice and the twenty-fifth (25th) month of the Term. This Expansion One space is more particularly identified on the Effective plan attached hereto as Exhibit A and made part of this Lease Agreement. For such Expansion One space Tenant shall pay (1) Base Rent of nine dollars and six cents ($9.06), Operating Expenses of four dollars and forty-seven cents ($4.47) and real estate taxes of one dollar thirty cents ($1.30) as stated in Section 6, plus (2) Tenant’s pro rata share of any actual increases in real estate taxes since the Commencement 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. plus (3) Tenant’s failure pro rata share of an increase in Operating Expenses of three percent (3%) for each year since the Commencement Date. (b) Expansion Two - up to timely an additional three thousand five hundred (3,500) usable square feet, which space shall be contiguous to and in reasonably the same proportion of internal and perimeter footage as the Premises, at the commencement of the forty ninth (49th) month of the Term. Rental rates for such Expansion Two space will be at then Fair Market Rent established by agreement between Landlord and Tenant in accordance with the FAIR MARKET RENT DEFINITION section or, failing agreement, in accordance with the ARBITRATION PROCEDURES section but, in no case, less than the lower of the two rental rates currently in effect for the initial Premises or the Expansion One space. To the extent that Tenant does not exercise an expansion its option for any reason whatsoever shall conclusively the full amount of square feet of the first expansion space, the unused portion will be deemed a waiver of such expansion option. Notwithstanding anything carried forward and added to the contrary contained hereinnext option for expansion space. Landlord will also provide a maximum Tenant Leasehold Improvement Allowance of up to fifteen dollars ($15.00) per usable square foot to be utilized for Expansion One and Expansion Two space. If less than this amount is expended by Landlord for leasehold improvements, then the Tenant’s option shall rent as stated above, will be subject adjusted accordingly to a determination by Landlordreflect only that amount actually utilized. Tenant can utilize the expansion space Tenant Leasehold Improvement Allowance for leasehold improvements elsewhere in the Premises which are directly required to effect the expansion space operational changes. However, such Tenant Improvement Allowance will only be used for costs and fees incurred in Landlord’s discretion, that the construction of Tenant improvements and not for the installation of phone and/or computer systems or the personal property of Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.

Appears in 1 contract

Sources: Lease Agreement (Transoma Medical Inc)

Option to Expand. On Lessee shall have a one-time option (the “Expansion Option”) exercisable only after the Commencement Date and on or before expiration March 1, 2012 (“Option Period”), time being of the sixth (6th) month of the termessence, Tenant shall be required to lease the remainder 3,942 adjacent approximately 9,328 square feet of Rentable space adjacent to the Premises designated as “Option Space” on Exhibit A hereto (as the same may be reduced in square footage pursuant to subparagraph a above, the “Option Space”). This Expansion Option is an “Option” and is subject to the terms and conditions of Paragraph 39 of the Lease. i. The Expansion Option shall be exercisable by Lessee with respect to all of the Option Space (only) during the Option Period for a term commencing on the third earlier of the date specified by Lessee in the Option Notice (3rdas defined below) floor, at or the same rental rate then being paid for thirtieth (30th) day after 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 Option Notice is given (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 Option 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 Commencement Date”) and ending on the Expiration Date. From and after the Option Space Commencement Date, (A) the term “Premises” as used in the Lease shall include both the original Premises and the Option Space, (B) Lessee’s Share shall be increased to a fraction, the numerator of which is the square footage of the Premises as determined pursuant to subparagraph a above and the denominator of which shall be the total square footage of the Project set forth in Paragraph 1,2(a) of the Lease, subject to adjustment in accordance with Paragraph 4.2(d) of the Lease, (C) the Base Rent specified in the Lease shall be increased by the amount of Base Rent for the Option Space specified in this subparagraph b and (D) Lessee shall have additional parking spaces available for its use in accordance with Paragraphs 1.2(b) and 2.6 determined by multiplying the square footage of the Option Space by 3.75 and dividing the product by 1000. Lessor shall tender possession of the Option Space to Lessee on the Option Space Commencement Date in broom clean condition, and Lessee’s lease of the Option Space shall be on the terms and conditions set forth in this subparagraph a and otherwise on the terms and conditions set forth in the Lease with respect to the balance of the Premises, except that Lessee will accept the Option Space is AS-IS condition, and the provisions of Paragraph 55 a and Exhibit C to this Lease shall have no application thereto. ii. In order to validly exercise the Option with respect to the Option Space, Lessee must notify Lessor in writing (“Option Notice”) of such exercise with respect to all, and not less than all, of the Option Space prior to expiration of the Option Period, which Option Notice, to be effective, (A) shall specify the desired commencement date of the Lease with respect to the Option Space (which effective date shall not be later than the date which is thirty (30) days after the date of such Option Notice and (B) be accompanied by the Base Rent for the Option Space payable for the first month of the Term with respect thereto, whereupon the Option Space shall automatically be added to the Premises on the terms and conditions set forth herein. At Lessor’s request, Lessee will execute and deliver to Lessor an amendment to the Lease reflecting the addition of the Option Space to the Premises. In any event, Landlord shall not enter into any lease or other form of occupancy agreement respecting the Optioned Space (unless sooner terminated pursuant or any portion thereof) during the Option Period. iii. From and after the Option Space Commencement Date through the day before the first anniversary of the Option Space Commencement Date, monthly Base Rent for the Option Space shall be determined by multiplying the square footage of the Option Space by $0.50, payable as and when Base Rent for the original Premises is due under the Lease. On each anniversary of the Option Space Commencement Date, Base Rent for the Option Space shall be increased to one hundred three percent (103%) of the Base Rent for the Option Space theretofore in effect. iv. If Lessee is not entitled to exercise the Expansion Option provided for herein, or is entitled but fails to exercise the same within the time and in the manner set forth herein, such right shall lapse and thereafter not be exercisable by Lessee, and, subject to subparagraph c below, Lessor shall be free to lease the same to any third party on any terms which are acceptable to Lessor. v. Provided the option is exercised strictly in accordance with this subparagraph b, and only strictly on and subject to the terms of this Leasesubparagraph b, the Brokers shall be paid a commission as a result of such exercise, on and subject to any rights the commission schedule in effect pursuant to a separate agreement between Lessor and Lessor’s Broker as of extension contained in the date of this Lease) by delivering written notice to LandlordLease (i.e, provided that at first five years commencing with the time of such notice and on the Effective Commencement Date, no event of default4% to cooperating broker and 3% to listing broker, as defined in Paragraph 25 of this Leaseand ensuing five (5) years, shall have occurred 2% to cooperating broker 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 1.5% to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spacelisting broker).

Appears in 1 contract

Sources: Standard Industrial/Commercial Multi Tenant Lease (Nexsan Corp)

Option to Expand. On or before expiration Subject and subordinate to the rights of existing tenants of the sixth Expansion Space (6thas hereinafter defined) month as of the termdate of this Lease Addendum No. 3, Tenant shall be required Lessor grants to lease Lessee during Metro Level Extension Period 1 an option to expand the remainder 3,942 Metro Level Demised Premises to include an area on the metro level of the Building, having a rentable area of approximately 1,612 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 said area is available in 5,000 rsf increments consisting of the area which is available on the second (2nd) and fifth (5th) floors designated and hereinafter referred to as the "Expansion Space" and is outlined on Exhibit A-1 attached hereto), provided Lessee exercises this option as set forth below, and provided further that Lessee is not in default under the Lease beyond any applicable notice and cure period either on the date Lessee notifies Lessor of its intent to exercise this option or at any time during thereafter up to and including the lease commencement date of the term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant with respect to the terms Expansion Space (the "Expansion Space Commencement Date"). Except as noted above, the option to expand granted herein shall be superior to the rights of this Leaseall other parties with regard to the leasing or use and occupancy of any or all of the Expansion Space. Provided all such existing tenants have either waived or elected not to exercise any and all rights such tenants may have for the Expansion Space, Lessor shall notify Lessee in writing at such time during Metro Level Extension Period 1 as the Lessor is able to lease the Expansion Space to Lessee, and subject shall specify the anticipated delivery date of the Expansion Space which date shall be no earlier than ninety (90) days following the delivery of such notice from Lessor to any rights of extension contained in Lessee. Lessee may exercise this Lease) option to expand only by delivering written notice to LandlordLessor, no later than ninety (90) days after Lessee's receipt of Lessor's notice specifying the availability of the Expansion Space, stating its intent to exercise this option. In such event, the Expansion Space Commencement Date, and the date Lessor shall deliver possession of the Expansion Space to Lessee, shall be the date specified in Lessor's notice to Lessee as provided above. In the event Lessor is unable to deliver possession of the Expansion Space to Lessee by the date specified in Lessor's notice, Lessor, its agents and employees, shall not be liable or responsible for any claims, damages or liabilities arising in connection therewith or by reason thereof. In such event, Lessee's option to expand shall remain in effect, and Lessor shall notify Lessee in writing no less than ten (10) days prior to the date Lessor is able to deliver possession of the Expansion Space to Lessee. Unless Lessee notifies Lessor of Lessee's desire to withdraw the exercise of its option to expand in writing and such notice is received by Lessor within ten (10) days after the specified delivery date, any delay in the delivery of possession of the Expansion Space beyond the date specified in Lessor's notice will not excuse or release Lessee from its obligation to accept possession of the Expansion Space, pay rent for the Lessee's exercise of this option to expand shall be subject to the following conditions: (i) Lessee shall accept the Expansion Space, as part of the Demised Premises, in its then "as is" condition; (ii) the term of the Lease with respect to the Expansion Space shall commence on the Expansion Space Commencement Date, and said term shall be coterminous with the term of this Lease as it applies to the Metro Level Demised Premises and any extension thereof; (iii) Lessee's obligation to pay monthly rent for the Expansion Space, in advance, shall commence on the Expansion Space Commencement Date; (iv) monthly rent for the Expansion Space shall be an amount equal to the product of the number of square feet of rentable area attributable to the Expansion Space, multiplied by the Metro Level Monthly Rent per square foot of rentable area attributable to the Metro Level Demised Premises in effect during the first full calendar month following the Expansion Space Commencement Date; (v) the percentage of Lessee's proportionate shares of operating expenses shall be increased to reflect the addition of the Expansion Space to the Demised Premises (with the Base Year remaining calendar year 1992), in accordance with the calculation of such percentages set forth in the section of the Lease Addendum No. 3 entitled, "Rental Escalation for Increases in Expenses," such revised percentages to become effective as of the Expansion Space Commencement Date, with appropriate pro rata adjustments being made in the calculation of Lessee's proportionate share of Operating Expenses for the calendar year in which the Expansion Space Commencement Date occurs; (vi) monthly rent for the Expansion Space shall be abated from and following the Expansion Space Commencement Date for up to five (5) full calendar months, provided the actual number of months of abatement of such monthly rent shall be reduced by the number of lease years of the Lease that have expired in Metro Level Extension Period 1 at the time the Expansion Space Commencement Date occurs. By example, and assuming the Extension Commencement Date is May 1, 1992, if the Expansion Space Commencement Date occurs on June 1, 1995, Lessee shall be (vii) Lessor shall provide to Lessee an improvement allowance, not to exceed Forty Thousand Three Hundred and 00/100ths Dollars ($40,300.00), (the "Expansion Allowance") for (a) the purchase and installation of Lessee's Alterations within the Expansion Space during the first six (6) full calendar months following the Expansion Space Commencement Date, and (b) ancillary costs directly related to Lessee's occupancy of the Expansion Space (including, but not limited to, furniture purchases and relocation expenses). The Expansion Allowance shall first be used as a credit to reduce or satisfy any payments due from Lessee. In the event any portion of the Expansion Allowance remains unapplied after crediting amounts due from Lessee, Lessee may submit to Lessor, but on a monthly basis only, invoices for such costs incurred by Lessee under (a) and (b) above. Lessee shall also provide appropriate signed waivers of mechanic's liens executed by all contractors or subcontractors installing Alterations in the Expansion Space or providing other qualified services on behalf of Lessee. After inspection and approval of the portion of the Alterations installed as reflected by such invoices, and verification of the invoices and waivers submitted, Lessor shall pay to Lessee (or any other party on Lessee's behalf at Lessee's written request) the lesser of (c) the total amount of such notice and approved invoices or (d) the Expansion Allowance. In no event however shall Lessor be obligated to reimburse Lessee (or pay to any other party on Lessee's behalf at Lessee's written request) for any amount, where Lessor's liability for amounts applied by Lessor or reimbursed exceed in the Effective aggregate the amount of the Expansion Allowance specified above. In the event any portion of the Expansion Allowance remains after the first six (6) full calendar months following the Expansion Space Commencement Date, no such remaining portion shall be credited to Lessee's next due payment(s) of Monthly Rent. In the event Lessee employs the services of defaultLessor as a construction manager for Lessee's Alterations in the Demised Premises, as defined Lessee shall pay to Lessor seven percent (7%) of the cost of such Alterations installed in Paragraph 25 the Demised Premises, such fee being compensation for Lessor's general conditions, overhead and profit; (viii) by the exercise of the option to expand the Metro Level Demised Premises to include the Expansion Space, Lessee shall be deemed to have exercised its option to extend the term of the Lease for Metro Level Extension Period 2, pursuant to paragraph (A) of the section of this Lease Addendum No. 3 entitled "Options to Extend"; (ix) for the purposes of this Lease, during any subsequent Metro Level Extension Period, the Expansion Space 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to part of, and included within the contrary contained hereindefinition of, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.Metro Level Demised Premises; and

Appears in 1 contract

Sources: Retail Lease (Century Bancshares Inc)

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 Section 33.1 TENANT shall have the option to lease at then current market rental rates any the additional space which as noted on the plan attached hereto as Exhibit "A-1" provided: A. TENANT is available not in 5,000 rsf increments consisting default under the terms, covenants and conditions 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 notification or thirty (30) days prior to any work being done in the expansion space on behalf of the TENANT; B. TENANT shall notify LANDLORD of its desire to lease the expansion space; C. LANDLORD agrees that LANDLORD shall limit the initial term to another tenant in the expansion space for a term of not more than five years. LANDLORD further represents that LANDLORD shall use reasonable commercial efforts to include in the lease for the other tenant that LANDLORD shall have the right to relocate the other tenant during its initial term. Should TENANT elect to have the other tenant relocated, then all reasonable costs incurred in connection with such notice and on early relocation of the Effective Dateother tenant, no event of defaultshall be paid for by TENANT; D. LANDLORD shall respond in writing, within ten days, as defined to the availability date of the expansion space and if TENANT decides that the occupancy date does not meet TENANT'S needs, TENANT can cancel this option to expand by giving LANDLORD ten days written notice of same within ten days after written notice of LANDLORD'S response to TENANT of the availability date of the expansion space. E. Should TENANT exercise its option to lease the expansion space, then: 1) The Annual Basic Rent for the expansion space shall be computed at the Annual Basic Rent per square foot at the then current rent for the Demised Premises. 2) TENANT shall be entitled to a work letter valued at $2.86 per square foot per lease year for the expansion term, i.e., five year term in Paragraph 25 of this Lease, the expansion space 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 equate to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. work letter contribution by the LANDLORD valued at $14.30 per square foot. F. Notwithstanding anything to the contrary contained herein, Tenant’s prior to the LANDLORD preparing a lease for another tenant, the LANDLORD shall notify the TENANT of the LANDLORD'S intentions to enter into a lease with another tenant. TENANT shall have the option shall be subject to a determination secure said expansion space by Landlord, notifying the LANDLORD in Landlord’s discretion, that Tenant’s financial condition at writing within five (5) business days of receipt of LANDLORD'S notice to the time it makes such election is sufficient TENANT of LANDLORD'S intention to meet its financial obligation associated with lease the Offered Spaceexpansion space to another TENANT.

Appears in 1 contract

Sources: Lease Agreement (Gutbusters Pty LTD)

Option to Expand. On Provided that: (i) Tenant is not in default hereunder, either at the time of the Exercise of this Option or before expiration at the Effective Date of the inclusion of the option space, hereinafter defined, within the Premises; (ii) this Lease has not otherwise been terminated or cancelled; and (iii) the Lease has not been assigned except with the permission of Landlord, nor have more than 10,000 rentable square-feet of the Premises been sublet, which subletting will remain in effect as of the date upon which the First Expansion space is to be added to the Premises. FIRST EXPANSION OPTION: Commencing on the first day 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 LeaseYear hereof, Tenant shall have the right Option to Expand its premises by leasing the entire fifth (5th) floor (consisting of approximately 12,452 rentable square feet measured by Landlord as provided in Exhibit B, Section 3.00), by giving Landlord prior written notice on or before the start of the fifth (5th) Lease Year of the original Lease Term. Landlord at that time shall inform Tenant of the date such space shall be available, which shall be no earlier than the first refusal (1st) month of the sixth (6th) Lease Year hereof, and no later than the last month of the sixth (6th) Lease Year hereof, and Rent shall commence upon the availability of the space. The Annual Rental rate shall be the then market rate for space in the-Building on the date the additional space is added to lease the 4th Floor Space Premises, but not less than the per square rentable foot Annual Rent for the fifth (5th) year of the Original Lease Term; plus Tenant's Percentage shall be adjusted by Landlord to reflect the inclusion of such space in the event that Premises. If all or any portion of the fifth (5th) floor shall become available after the first tenancy thereof, prior to the time which Tenant could exercise its first Expansion Option, Landlord receives an offer to lease the space, shall advise Tenant of its availability 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 right, but not the obligation, to lease exercise its First Expansion Option at then current market rental rates such time, and thereupon all or any additional space which is available in 5,000 rsf increments consisting such portion of the area which is available on First Expansion space shall be added to the second (2nd) and fifth (5th) floors designated and referred to as Premises at the “Expansion Space”, at any time during then market rate for the lease term (Premises for the “Effective Date”) and ending on remainder of the expiration Term of the Lease Term (unless sooner terminated pursuant all to the terms same effect as if Tenant had then exercised its First Expansion Option as to all or any such portion of the expansion space, as the case may be. Tenant shall also have the right to exercise this LeaseFirst Expansion option if it has not already done so, and subject to any rights if the Term of extension contained in this Lease) the Lease shall be extended, by delivering giving written notice to Landlordthat effect to the Landlord on or before the start of the tenth (10th) year of the original Lease Term and in such event, the additional space shall be added to the Premises on such date if the same shall become available, which shall be no earlier than the first month of the eleventh (11th) Lease Year hereof and no later than the last month of the eleventh (11th) Lease Year hereof. SECOND EXPANSION OPTION: Provided that Tenant shall have exercised its First Expansion Option as provided above, Tenant shall have a Second Option to Expand its Premises by leasing the entire sixth (6th) floor (consisting of approximately 11,104 rentable square feet measured by Landlord as provided in Exhibit B, Section 3.00), by giving Landlord prior written notice on or before the start of the tenth (10th) Lease Year of the original Term. Landlord at that at time shall inform Tenant of the time date such space shall be available, which shall be no earlier than the first month of the eleventh (11th) Lease Year hereof and no later than the last month of the eleventh (11th) Lease Year, and rent shall commence upon the availability of the space. The Annual Rental rate shall be the then market rate for space in the Building on the date the additional space is added to the Premises, but not less than the per square rentable foot Annual Rent for the eleventh (11th) year of the original Lease Term; and Tenant's Percentage shall be adjusted by Landlord to reflect the inclusion of such space in the Premises. At any time after Tenant shall have exercised its First Expansion Option, if all or any portion of the Premises subject to Tenant's Second Expansion Option shall become vacant after their initial tenancy, Landlord shall advise Tenant of their availability and Tenant may exercise its Second Expansion Option at such time and upon the terms hereinabove set forth within fifteen (15) days after receipt of Landlord's notice of its availability. Wherever in connection with the exercise by Tenant of an Expansion Option the rent is to be adjusted to the market rate, there shall be taken into account Base Taxes and on Base Occupancy Costs. Tenant's exercise of any right of expansion with respect to any Lease Year after the Effective Datetenth (10th) Lease Year shall be conditioned upon Tenant having exercised its rights to extend hereinafter provided for. Any Option to Expand hereinabove contained, no event of default, as defined if not exercised in Paragraph 25 of this Leasea timely fashion by Tenant, shall have occurred lapse 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spacevoid and without effect.

Appears in 1 contract

Sources: Lease Agreement (Safety Insurance Group Inc)

Option to Expand. On Lessee shall have an option to expand the Premises effective September 15, 1996 into the approximately 12,832 square foot space indicated on Exhibit A as the "Expansion Space. In the event Lessee needs such additional expansion space in the Office/Warehouse Complex, Lessee shall notify Lessor on or before expiration July 31, 1996, that Lessee exercises its rights to such Expansion Space. In the event Lessee so notifies Lessor, Lessor shall deliver to Lessee an amendment of this Lease adding the sixth (6th) month of Expansion Space to the term, Tenant Premises demised hereunder. Additional Base Rent 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 payable 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 Expansion Space in the event that Landlord receives an offer to lease the spaceamount of Fifty-seven Thousand Seven Hundred Forty-four and 00/100 Dollars ($57,744.00) per annum, payable monthly, in advance, in equal installments of Four Thousand Eight Hundred Twelve and 00/100 Dollars ($4,812.00), and any such right the "percents" for Lessee's Pro Rata Share of first refusal Excess Real Estate Taxes and for Lessee's Pro Rata Share of Excess Operating Expenses shall each be escalated by six and 29/lOOths percent (6.29%). In the event Lessee exercises its expansion rights herein, Lessor shall fit up the Expansion Space with the Tenant Improvements indicated on the exact terms received Specifications attached hereto as Exhibit 0 and approved by Landlord from a third party offering Lessee shall pay Lessor the amount of Thirty-eight Thousand Five Hundred and 00/100 Dollars ($38,500.00) upon substantial completion of such Exhibit 0 Tenant Improvements as its share of the costs of such improvements. Further, in the event Lessee elects to lease the 4th Floor Space. Tenant shall have Lessor provide an additional man door and to have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting west side of the area which is available on the second demising wall sheetrocked and painted, Lessee shall pay an additional Three Thousand Two Hundred and 00/100 Dollars (2nd$3,200.00) 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 Lessor upon substantial completion of such notice Tenant Improvements. Lessee shall execute and on redeliver to Lessor the Effective Date, no event appropriate amendment of default, Lease promptly after receipt and so as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond not to delay 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spacetenant improvements.

Appears in 1 contract

Sources: Office/Warehouse Lease (Fargo Electronics Inc)

Option to Expand. On or before expiration of the sixth (6th) month of the termAt any time after July 21, 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 2003 (the “4th Floor SpaceOption Date”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at for 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 remainder of the sixth (6) month and commencement term of the ninth (9th) month following commencement of the Leasethis Sublease Agreement, 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 Subtenant 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 expand (“Option to Expand”) the area which is available Sublease Premises to include Sublandlord’s premises on the second floor of the Building (2ndSuite 203) consisting of 2,870 rentable square feet and fifth Sublandlord’s premises on the fourth floor of the Building (5thSuite 400) floors designated and referred to as consisting of 14,679 square feet (collectively, the “Expansion SpacePremises, at any time during ) provided that: (i) Subtenant provides Sublandlord with a minimum of six months written notice prior to date of occupancy of the lease term Expansion Premises (the “Effective Date”); (ii) Subtenant subleases all, and ending on the expiration not less than all, of the Lease Term Expansion Premises; (unless sooner terminated pursuant iii) the Effective Date does not occur prior to the terms Option Date nor on any day which is either up to and including 21 days prior to, or up to and including 21 days after, the commencement of this Leasean accounting quarter (specifically, January 1, April 1, July 1, and subject October 1 of each year during the Sublease term); (iv) Subtenant provides Sublandlord with an Option to any rights Expand fee of extension contained in this Lease) by delivering written notice $87,745.00 to Landlord, provided that be paid at the time the Option to Expand notice is provided; (v) subject to the exceptions specifically noted in (vi) and (vii) below, the expansion space shall be occupied by Subtenant under the same terms and conditions of such notice this Sublease Agreement inclusive of Base Rent (at the then applicable rates under this Sublease Agreement), Operating Expenses (at the then applicable rates under the Master Lease), and Security Deposit (to be increased on the Effective Date by an amount equal to the first months’ Base Rent due for the Expansion Premises); (vi) Sublandlord shall not be required to provide Subtenant with a tenant improvement allowance; and (vii) Sublandlord shall not be required to pay a brokerage commission to any representative of Subtenant in connection with the exercise of the Option to Expand. If, prior to the Option Date, no event of defaultSublandlord intends to sublease the Expansion Premises (or any portion thereof), as defined Subtenant shall have the option to sublease such space on the terms and conditions set forth herein, except that Subtenant shall not be required to pay the fee set forth in Paragraph 25 subparagraph (iv) of this Leaseparagraph. In the event Sublandlord so elects to put any or all of the Expansion Premises on the market for sublease at any time after the Option Date, the Option to Expand shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion optionin effect, Tenant however, Subtenant may not thereafter revoke such exercise. Tenant’s failure elect instead to timely exercise an expansion option negotiate terms for any reason whatsoever shall conclusively space marketed for sublease by Sublandlord on terms other than those specified in this paragraph, such other terms to be deemed a waiver mutually agreed upon by the parties. In the event Subtenant declines to exercise its expansion options under this Paragraph 9 and Sublandlord subsequently subleases all or any of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject Expansion Premises to a determination by Landlordthird party, in LandlordSubtenant’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spaceexpansion options under this Paragraph 9 shall terminate and be of no further force or effect.

Appears in 1 contract

Sources: Sublease Agreement (Pixelworks Inc)

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”) So long as identified on Exhibit “B-1” attached to this Lease is in full force 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, effect and Tenant improvements dollars will decline on a pro rata basis based on the remaining length is not in default 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 this Lease, Tenant shall have the right option, to lease 2,000-4,000 square feet of first refusal rentable area on the eleventh (11th) floor contiguous to the Premises (the "Expansion Space") at the expiration of each of the thirty-sixth (36th), sixtieth (60th) and eighty-fourth (84th) months of the Lease term. Tenant shall give one hundred eighty (180) days prior written notice to Landlord of its election to lease the 4th Floor Expansion Space (the "Expansion Notice") and Landlord shall deliver such space to Tenant at anytime within six (6) months BEFORE OR AFTER the above-referenced dates of the Lease term and in such increments as Landlord shall determine in its reasonable discretion. Said option is subject to the following terms, conditions and exceptions: A. Within twenty (20) days of Landlord's receipt of Tenant's Expansion Notice, Landlord shall offer such Expansion Space to Tenant at the then prevailing fair market rental rate per square foot for comparable space in the event competitive market area, and upon all the other terms and conditions of this Lease, other than the provisions of this paragraph and any provisions providing for a tenant improvement allowance to be paid by Landlord and provided further that any provisions for free rent or free parking or fixed parking rates or any parking spaces in excess of the Building Standard parking ratio provided in this Lease or in the License attached hereto shall not be applicable to a lease by Tenant of such Expansion Space. As used herein, the term "prevailing fair market rental rate" for the Expansion Space shall mean the effective rental and all other monetary payments and escalations, including without limitation, consumer price indexing, 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 could obtain from a third party offering desiring to lease the 4th Floor Expansion Space for the remaining term of this Lease taking into account the age of the Building, the size, location and floor level of the Expansion Space. Tenant shall have , the option quality of 53 construction of the Building and the Expansion Space, the services provided in the Building, the effective net rental then being obtained for new leases of space comparable to the Expansion Space in the locality of the Building (taking into account the free rent or other concessions being granted to new tenants in such locality) and all other factors that would be relevant to a third party desiring to lease the Expansion Space for the remaining term of this Lease in determining the rental such party would be willing to pay therefor ("Landlord's Offer"). If, for example, comparable leases give a new non-equity tenant comparable space at then current $40.00 per rentable square foot, with a $10.00 tax and expense base amount (stop), five (5) months at no rent to construct improvements, four (4) months' free rent, $50.00 per usable square foot tenant improvement allowance, a lease takeover worth $100,000, and certain other generally applicable economic terms, the prevailing fair market rental rates any rate shall not be $40.00 per rentable square foot only, but shall be $40.00 per rentable square foot, five (5) months at no rent to construct improvements, or five months' additional space which is available free rent in 5,000 rsf increments consisting lieu of the area which is available on the second such construction, four (2nd4) months' free rent, a $10.00 tax and fifth expense base amount (5th) floors designated and referred to as the “Expansion Space”stop), at any time during the $50.00 per usable square foot tenant improvement allowance or $50.00 per usable square foot in lieu of such allowance, $100,000 in lieu of a lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to the terms of this Leasetakeover, 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 other generally 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spaceeconomic terms.

Appears in 1 contract

Sources: Sublease Agreement (Vision Solutions Inc)

Option to Expand. On As long as no Event of Default exists 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 is continuing under 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 LeaseSublease, Tenant shall have the an on going right of first refusal (“ROFR”) throughout the Term to lease the 3rd and 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 floor 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 Building (the “Effective DateROFR”). Upon Landlord’s receipt of a bona fide written offer from a prospect (“Offer Prospect”) and ending on the expiration to lease all or a portion of the Lease Term space subject to the ROFR (unless sooner terminated pursuant to the “Offer Space”), Landlord will deliver the terms of this Leasebona fide offer to Tenant in writing (“Offer Notice”). The terms of the Offer Notice shall contain (a) the base rental rate, (b) tenant improvement allowance, (c) other concessions provided in the bona fide offer, (d) the lease commencement and subject expiration and (f) the delineation and amount of the Offer Space. Tenant must respond to any rights Landlord on or within ten (10) business days of extension contained in receipt of the Offer Notice of its intent to accept the terms thereunder. If Tenant declines to accept the terms of the Offer Notice, Landlord is free to lease the Offer Space to the Offer Prospect on the same terms and conditions as the Offer Notice and Tenant waives its right to such Offer Space, except as provided herein. In the event Landlord does not lease the Offer Space to the Offer Prospect within ninety (90) days after the expiration of such ten (10) business day period, the Tenant’s right hereunder shall be restored as to the Offer Space. In the event Tenant accepts said Offer Notice, Tenant shall have thirty (30) days to obtain financial and legal approval and shall amend this Lease) by delivering written notice Sublease to Landlordinclude the Offer Space, provided that the Base Rent on such Offer Space shall be at the time of such notice and on rate set forth in 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered SpaceOffer Notice.

Appears in 1 contract

Sources: Sublease Agreement (GTX Inc /De/)

Option to Expand. On or before expiration A. Provided that Tenant is not in default under this Lease beyond any applicable notice and cure periods, then from and after the fifth anniversary 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 Commencement Date (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"Expansion Option 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 to expand the Premises to include all or any portion of first refusal that certain space consisting of approximately 6,471 rentable square feet which is adjacent to the Premises (the "Expansion Space"), as set forth in this Section 31. B. Landlord covenants that Landlord shall not lease the Expansion Space to any person under the terms of a lease which would make the Expansion Space unavailable to Tenant as of the Expansion Option Date. C. Tenant's right to lease the 4th Floor Expansion Space in pursuant to this Section 31 shall be referred to as "Tenant's Option to Expand". Tenant may exercise Tenant's Option to Expand by delivering notice of Tenant's election to Landlord not later than 180 days before the event that Landlord receives an offer Expansion Option Date. D. If Tenant elects to exercise Tenant's Option to Expand, then as of the Expansion Option Date, the Premises under this Lease shall be deemed to include the Expansion Space, and Tenant shall be deemed to agree to lease the space, and any such right of first refusal shall be Expansion Space on the exact same terms received and approved by Landlord from a third party offering to lease as in this Lease, including the 4th Floor Spaceterms for Tenant Improvements as set forth in Appendix C, but except as provided herein. 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 pay Base Rent on the second (2nd) and fifth (5th) floors designated and referred Expansion Space as follows: From the date that Landlord delivers the Expansion Space to as the “Expansion Space”, at any time during the lease term Tenant with all Tenant Improvements substantially completed (the “Effective "Expansion Space Commencement Date”) and ending "), Tenant shall pay Base Rent 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 Expansion Space at the time of such notice and on the Effective Date, no event of defaultMarket Rate, as defined in Paragraph 25 of Section 32 below. E. If Tenant does not timely exercise Tenant's Option to Expand as set forth in this LeaseSection 31, Landlord may enter into a lease for such space with any third party, and Tenant shall have occurred no further rights with respect to the Expansion Space. F. If Tenant exercises Tenant's Option to Expand, and remain uncured beyond any applicable cure period. Once demising wall is removed in order to make the original Premises under this Lease and the Expansion Space a single suite, Tenant shall exercise an expansion option, Tenant may not thereafter revoke such exercise. Tenant’s failure be required to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to replace the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition demising wall at the time it makes such election is sufficient to meet its financial obligation associated with end of the Offered SpaceTerm.

Appears in 1 contract

Sources: Consent to Sublease (NovaCardia Inc)

Option to Expand. On or before expiration A. Provided that on the date of Tenant’s exercise of the sixth Expansion Option (6thas hereinafter defined) month and, unless waived in writing by Landlord for purposes of the termExpansion Option, on the Expansion Space Commencement Date (as hereinafter defined) (i) this Lease is in full force and effect, (ii) no event of default by Tenant is in existence and (iii) as demonstrated by current financial statements furnished by Tenant to Landlord, there has been no material adverse change in the financial condition of Tenant since the date of this Lease, Tenant shall be required have a one time right to lease additional space in the remainder 3,942 square feet of Rentable Space Building (the “Expansion Option”) pursuant to this Lease on the third (3rd) floor, at the same rental rate then being paid for the initial Premises. In addition, Tenant will have terms and conditions set forth in this Article. B. The Expansion Option shall consist of the right to expand during lease space in the first 6 months Building, the area, configuration and location of which will be designated by leasing Landlord subject to the approximately 15,165 square feet terms of Rental Space on the fourth (4th) floor this Section (the “4th Floor Expansion Space”), for a term commencing on January 1, 2003 (the “Expansion Space Commencement Date”) and coterminous with the Term of this Lease, as identified it may be extended or renewed. The Expansion Space shall be on Exhibit “B-1” attached to this Lease and incorporated herein by reference at any of the same rental rate then being paid floors in the initial Premises; providedBuilding’s “tower” and shall contain not less than 4,000 rentable square feet and not more than 6,000 rentable square feet. Landlord shall identify the Expansion Space and the rentable area thereof by written notice (the “Expansion Terms Notice”) to Tenant, howeverwhich Expansion Terms Notice shall also state the Monthly Base Rent for the Expansion Space and the amount of any increase in the Security Deposit as a result of the lease of the Expansion Space. The Expansion Option shall be exercisable by written notice given by Tenant to Landlord not later than April 1, 2002. Landlord will continue may give the Expansion Terms Notice at any time after the date hereof, but shall not be obligated to keep give the 4th Floor Space available for lease Expansion Terms Notice unless Tenant validly exercises the Expansion Option, and then not until the later to occur of (i) the date which is thirty (30) days after such exercise and (ii) April 1, 2002. If Landlord gives the Expansion Terms Notice prior to Tenant for one additional period giving notice 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 exercise of the sixth (6) month and commencement Expansion Option, Tenant’s subsequent notice of exercise of the ninth (9th) month following commencement Expansion Option shall be irrevocable. If Landlord does not give the Expansion Terms Notice prior to Tenant giving notice of exercise 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 LeaseExpansion Option, Tenant shall have the right to rescind its exercise of first refusal the Expansion Option by giving notice to lease Landlord within three (3) business days after the 4th Floor Space date on which Landlord gives the Expansion Terms Notice, in which case the event that Landlord receives an offer to lease the space, and any such right of first refusal Expansion Option shall be on the exact terms received null 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 void and of the area which is available on the second (2nd) no further force 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 effect; absent 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained hereinnotice, Tenant’s option exercise of the Expansion Option shall remain in effect. C. The Monthly Base Rent per square foot of rentable area to be paid under this Lease for the Expansion Space shall be the Expansion Prevailing Market Rate for the Expansion Space (as defined below). Monthly Base Rent for the Expansion Space for a partial month shall be prorated. Monthly Base Rent for the Expansion Space shall be subject to a determination adjustment pursuant to Article 4 of this Lease. For purposes of calculating Adjusted Monthly Base Rent, Tenant’s Proportionate Share shall be increased as of the Expansion Space Commencement Date to reflect the number of rentable square feet of the Expansion Space. The Expansion Space shall be tendered to Tenant in an “as is” condition and Landlord shall have no obligation to alter, remodel, decorate or improve the Expansion Space (or to pay for any such work), except to the extent that the same is to be provided in kind as part of the Expansion Prevailing Market Rate. D. For purposes hereof, “Expansion Prevailing Market Rate” shall mean the prevailing market rate per square foot of rentable area under expansion leases and amendments for terms commencing on or about the Expansion Space Commencement Date for space in the Building and in comparable buildings in downtown Chicago comparable to the Expansion Space, as reasonably determined by Landlord. The Expansion Prevailing Market Rate shall include any prevailing increases to rent such as percentage or fixed increases or increases based on an index. The determination of Expansion Prevailing Market Rate shall take into account any material economic differences between the terms of the lease of the Expansion Space pursuant to this Article and any comparison lease, such as rent abatements, construction costs and other concessions, and the manner thereunder, if any, in Landlord’s discretionwhich Landlord or the other landlord under any such lease is reimbursed for operating expenses and taxes. Prevailing market terms such as rent abatements, that Tenant’s financial condition construction costs and other concessions, if any, shall, at the time it makes option of Landlord, be provided to Tenant in kind. If not provided in kind, such election is sufficient to meet its financial obligation associated with terms shall be reflected in the Offered SpaceExpansion Prevailing Market Rate.

Appears in 1 contract

Sources: Office Lease (Verticalnet Inc)

Option to Expand. On or before expiration Section 58 of the sixth Original Lease, as previously amended by Paragraph 7 of Amendment D, is again amended to redefine the location of each Option Space as follows: (6tha) month Since the 9th Floor Space leased by Tenant pursuant to this Amendment E includes all of the termFirst Option Space described in Paragraph 7(a) of Amendment D, Tenant there is no longer any first expansion option or First Option Space; (b) The Second Option Space shall be required to lease now consist of either (i) the remainder 3,942 remaining rentable square feet of Rentable Space on the third (3rd) floor, at the same rental rate then being paid for the initial Premises. In addition, 9th floor not leased by Tenant will have the right pursuant to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor this Amendment E (the “4th Remaining 9th Floor Space”), or (ii) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at both the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Remaining 9th Floor Space available and the entire 8th floor of the Building, as specified by Tenant in its exercise notice for lease to the second expansion option. (c) If Tenant for one additional period exercised its second expansion option, and as a result is leasing both the entire 8th and 9th floors of three (3) months (a total the Building, then there shall be no Third Option Space and Tenant’s third expansion option shall be of nine months following the commencement date)no force or effect. However, but if Tenant elects to lease is not leasing both the 4th Floor Space between the expiration entire 9th and 8th floors of the sixth Building pursuant to its second expansion option, then: (6i) month and commencement if Tenant did not exercise the second expansion option, the Third Option Space shall consist of the ninth Remaining 9th Floor Space; or (9thii) month following commencement if Tenant exercised its second expansion option but only with respect to the Remaining 9th Floor Space, the Third Option Space shall consist 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 entire 8th floor of the term. Building. (d) 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 Tenant’s exercise 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 its fourth expansion option, Tenant may did not thereafter revoke such exercise. Tenant’s failure to timely exercise an either its second or third expansion option options, then the Fourth Option Space shall consist of either of the following, as specified by Tenant in its exercise notice for any reason whatsoever shall conclusively be deemed a waiver of such the fourth expansion option: (i) the Remaining 9th Floor Space; or (ii) the Remaining 9th Floor Space plus the entire 8th floor of the Building; or (iii) the remaining 9th Floor Space plus the entire 8th and 7th floors of the Building. Notwithstanding anything to the contrary contained hereinIf, Tenant’s option shall be subject to a determination by Landlordhowever, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient of Tenant’s exercise of its fourth expansion option, Tenant previously expanded into the Remaining 9th Floor Space, then the Fourth Option Space shall consist of one (1) or two (2) full floors (as specified by Tenant in its exercise notice for the fourth expansion option) which is/are contiguous to meet the lowest floor of the Option Space actually leased by Tenant pursuant to the foregoing provisions of this Paragraph 7. As an illustration of the immediately preceding sentence, if at the time of Tenant’s exercise of its financial obligation associated with fourth expansion option, Tenant exercised all of the Offered prior expansion options for all of the Option Space available for expansion as described above, the Fourth Option Space will consist of either (A) the entire 6th floor of the Building, or (B) both the entire 6th and the entire 7th floors of the Building, as determined by Tenant. (e) If at the time of Tenant’s exercise of its fifth expansion option, Tenant did not exercise any of its expansion options, then the Fifth Option Space shall consist of either of the following, as specified by Tenant in its exercise notice for the fifth expansion option: (i) the Remaining 9th Floor Space; or (ii) the Remaining 9th Floor Space plus the entire 8th floor of the Building; or (iii) the remaining 9th Floor Space plus the entire 8th and 7th floors of the Building. If, however, at the time of Tenant’s exercise of its fifth expansion option, Tenant previously expanded into the Remaining 9th Floor Space, then the Fifth Option Space shall consist of one (1) or two (2) full floors (as specified by Tenant in its exercise notice for the fifth expansion option) which is/are contiguous to the lowest floor of the Option Space actually leased by Tenant pursuant to the foregoing provisions of this Paragraph 7. As an illustration of the immediately preceding sentence, if at the time of Tenant’s exercise of its fifth expansion option, Tenant exercised all of the prior expansion options for all of the Option Space available for expansion as described above, the Fifth Option Space will consist of either (A) the entire 4th floor of the Building, or (B) both the entire 4th and the entire 5th floors of the Building, as determined by Tenant.

Appears in 1 contract

Sources: Lease Agreement (Wells Real Estate Investment Trust Inc)

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 Subject to the terms of this option (the "Expansion Option"), Tenant shall have a one time right to lease the entire (but not a portion of) the eighteenth floor of the Building (the "18th Floor Space") in an "as is" condition, on the same terms and provisions then in effect under the Lease, except that (a) the rentable square footage of the 18th Floor Space shall be added to the rentable square footage of the Premises for the purposes of calculating Base Rate and Tenant's Prorata Share as of the Expansion Commencement Date (as defined below), and (b) Landlord shall reimburse Tenant for the cost of tenant improvements installed in the 18th Floor Space and the 17th Floor Space (as defined in Article 38) by Tenant, and the cost of related space planning, moving and consulting fees, up to an amount equal to the sum of $25.00 per square foot of rentable area of the 18th Floor Space multiplied by a fraction, the numerator of which shall be the number of full calendar months remaining in the Term as of the date Tenant takes possession of the 18th Floor Space for the purpose of occupying the same, up to a maximum of 60 and the denominator of which shall be 60. Such reimbursement shall be subject to any rights the terms of extension a work agreement to be executed by Landlord and Tenant, which work agreement shall be similar in all material respects to the Work Agreement attached hereto as Exhibit B. This Expansion Option may be exercised only by giving Landlord irrevocable and unconditional written notice (the "Expansion Notice") thereof no later than October 1, 2001. The Expansion Notice shall specify the date on which Tenant desires to take possession of the 18th Floor Space, which date shall be no earlier than June 1, 2002 and no later than November 1, 2002. Landlord shall deliver the 18th Floor Space to Tenant no later than the date specified in the Expansion Notice, provided, however, that if no such date is specified in the Expansion Notice, or the date specified does not meet the criteria set forth above, then Landlord shall deliver possession of the 18th Floor Space to Tenant on the date Landlord reasonably determines based on the information contained in this Lease) the Expansion Notice, which date shall be binding upon Tenant. If the 18th Floor Space is not occupied by delivering written notice to Landlord, provided that a third party tenant at the time of the Expansion Notice (or thereafter prior to the Expansion Commencement Date), Landlord shall make the 18th Floor Space available for Tenant's performance of leasehold improvement work (without the imposition of Rent, unless Tenant opens for business in the Expansion Space prior to the Expansion Space Commencement Date, in which event Tenant's obligation to pay Rent for the Expansion Space shall commence as of the date it opens for business in the Expansion Space), subject to the condition that Tenant's inability to complete such notice and work prior to the Expansion Commencement Date shall not delay that date. The Lease as to the 18th Floor Space shall commence on the Effective later of the date Landlord delivers possession of the 18th Floor Space to Tenant, or the date specified by Tenant in the Expansion Notice (the "Expansion Commencement Date"), and shall continue for the duration of the Term of the Lease. The 18th Floor Space shall be added to the Premises as of the Expansion Commencement Date. After Tenant validly exercises the expansion right provided herein, the parties shall execute an amendment to the Lease, adding the 18th Floor Space, or a new lease for the 18th Floor Space, or such other documentation as Landlord shall require, promptly after Landlord shall prepare the same, in order to confirm the leasing of such 18th Floor Space to Tenant, but an otherwise valid exercise of the expansion rights contained herein shall be fully effective, whether or not such confirmatory documentation is executed. The provisions set forth above as to calculation of Landlord reimbursement of Tenant expenses shall take into account (in determining any pro-ration) the Extension Period if Tenant has exercised its rights under Article 36 at the time any such allowance or reimbursement is to be paid. The amount to be paid or reimbursed shall equal the sum of $25.00 per rentable square foot (subject to pro-ration) even if Tenant does not expend that full sum on the 18th Floor Space, it being the intention of the parties that allowances or reimbursement amounts provided by Landlord with regard to the 18th Floor Space or the 17th Floor Space shall be made available to pay or reimburse costs incurred by Tenant with regard to the improvement of any portion of the 18th Floor Space and the 17th Floor Space or design, consulting, moving, cabling, or other costs applicable thereto. Landlord shall have no event obligation to disburse such allowance or reimbursement funds until Tenant has executed a binding amendment to the Lease committing to occupancy of the applicable space, but otherwise such amounts shall be disbursed within thirty (30) days of application by Tenant with supporting documentation indicating the incurring of costs reimbursable under the Lease. To the extent that Tenant does not fully expend all of the amounts to be provided by Landlord hereunder, the excess (up to a maximum of $2.00 per rentable square foot) shall be applied to the next accruing payments of Rent payable under the Lease. (i) November 1, 2002; or (ii) Tenant's first business use of any material portion of the 18th Floor Space. For purposes of this provision `business use' shall mean the conduct of business operations in the 18th Floor Space (other than construction, equipment, installation, and the moving and affixing of fixtures, furnishings and equipment). If Tenant shall fail to exercise the Expansion Option by delivery of the Expansion Notice on or before October 1, 2001, the Expansion Option stall be deemed to have lapsed and expired, and shall be of no further force or effect. Landlord may thereafter freely lease all or a portion of the 18th Floor Space to any other party, at any time, on any terms, in Landlord's sole discretion. Tenant's exercise of such expansion right shall not operate to cure any Default by Tenant of any of the terms and provisions in the Lease, nor to extinguish or impair any rights or remedies of Landlord arising by virtue of such Default. The Expansion Option shall, at Landlord's election, be null and void, if Tenant has received written notice that it is in default of a material term under this Lease and such default remains uncured (i) with respect to a monetary default, as defined at the date of the Expansion Notice, or (ii) with respect to any default, on the Expansion Commencement Date. If the Lease or Tenant's right to possession of the Premises shall terminate in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once manner whatsoever before Tenant shall exercise the Expansion Option, or, if Tenant shall have subleased or assigned all or any portion of the Premises, then immediately upon such termination, sublease or assignment, the Expansion Option shall simultaneously terminate and become null and void. Such right is personal to Tenant (and any Related Entity that is an expansion option, assignee or sublessee of substantially all of the Premises). Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver agrees that time is of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spaceessence of this provision.

Appears in 1 contract

Sources: Office Lease (Capella Education Co)

Option to Expand. On or before expiration Tenant shall be given the option to expand anytime during the first forty-eight (48) months of this lease, into an additional 10,000 square feet of contiguous space in the Office Project under the following terms and conditions: A. The term shall be shortened approximately to make it co-terminus with the original lease, B. The Rental rate for the expansion space shall be $.59 per square foot per month, net of operating expenses (additional rent) for the entire term. C. Should Tenant exercise this expansion right within the first thirty-six (36) months, the amount of the Tenant Improvement Allowance provided by Landlord shall be $15.00 per square foot. Should the Tenant exercise this option to expand after the thirty-sixth (6th36th) month the Tenant Improvement Allowance provided by the Landlord will be calculated at follows: $15.00 per square foot times the number of months remaining on the expansion term divided by 81 months. Furthermore, Landlord shall have the obligation of notifying Tenant when the last 10,000 square foot of contiguous space is being encroached on by an additional tenant. Such notice shall be given when the Landlord has mutually agreed upon preparatory terms and conditions for a least (Letter of Agreement) for all or a portion of the termlast remaining 10,000 square feet. Upon Tenant receiving written notice of said encroachment, Tenant shall be required have five (5) business days to lease notify Landlord in willing of its desire to exercise this Option to Expand. Should Tenant not elect to exercise its option on the remainder 3,942 10,000 square feet of Rentable Space on the third (3rd) floorat that time, at the same rental rate then being paid for the initial Premises. In addition, Tenant will Landlord shall have the right to consummate a lease with that prospective Tenant and Sutter Corporation shall h▇▇▇ ▇▇ option to expand during under the first 6 months by leasing same terms and conditions as listed above on the approximately 15,165 remaining portion of that 10,000 square feet. This same process shall take place in the remaining portion of that 10,000 square feet of Rental Space on space until the fourth (4th) floor (Tenant exercises its option, the “4th Floor Space”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at balance of that space is leased, or 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 end of the sixth forth-eighth (648th) month and commencement of the ninth (9th) month following commencement of the Leasethis lease expires, 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 at which time this 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spaceexpand will expire.

Appears in 1 contract

Sources: Standard Office Lease (Orthologic Corp)

Option to Expand. On or before expiration of Provided Tenant is not then in default under the sixth (6th) month of the termterms, 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 covenants 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 conditions of the Lease, Tenant shall have the right of first refusal to lease the 4th First Floor Space in Premises for occupancy as of the date Landlord delivers the First Floor Premises to Tenant (the “Delivery Date”). In the event that Tenant desires to exercise its option, it shall deliver notice of such exercise to Landlord receives on or before August 31, 2010, failing which Landlord may lease the First Floor Premises to any third party on whatever basis Landlord desires, and Tenant shall have no further rights with respect to the First Floor Premises. If Tenant exercises an offer expansion option hereunder, effective as of the Delivery Date, the First Floor Premises shall automatically be included within the Premises and subject to all the terms and conditions of the Lease, except as follows: (i) Tenant’s Proportionate Share shall be recalculated, using the total square footage of the Premises, as increased by the First Floor Premises; (ii) the First Floor Premises shall be leased on an “as is” basis and Landlord shall have no obligation to improve the First Floor Premises or grant Tenant any improvement allowance thereon; (iii) the Annual Rent for the First Floor Premises shall be the same, on a per rentable square foot basis, as the Annual Rent for the New Premises; and, (iv) if requested by Landlord, Tenant shall, prior to the beginning of the term for the First Floor Premises, execute a written memorandum confirming the inclusion of the First Floor Premises and the Annual Rent for the First Floor Premises. This option is not transferable; the parties hereto acknowledge and agree that they intend that the aforesaid option to lease the space, and any such right of first refusal First Floor Premises shall be on the exact terms received “personal” to Tenant as set forth above and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant shall that in no event will any assignee or sublessee 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 exercise 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 aforesaid option, Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.

Appears in 1 contract

Sources: Lease Agreement (Intrusion Inc)

Option to Expand. On Subject to the renewal rights of Material Service Corporation or any successor in interest thereto (the “Existing Tenant”) and the terms of this Section 52.B, Landlord hereby grants Tenant the option (the “Expansion Option”), effective January 1, 2014 (the “Expansion Option Commencement Date”), to lease the portions of the 18th Floor and 19th Floor, totaling approximately 36,018 RSF (the “Option Space”), that are currently leased to the Existing Tenant. (i) Landlord shall notify Tenant on or before January 1, 2012 whether the Existing Tenant has exercised its renewal right, and if the Existing Tenant has not exercised such right, Tenant may exercise the Expansion Option by delivering written notice to Landlord on or before January 1, 2013. If Tenant does not so exercise the Expansion Option, the Expansion Option shall thereupon terminate and Tenant shall not thereafter have any right to lease any Option Space pursuant to the Expansion Option. (ii) Tenant may not elect to lease less than all Option Space in an Expansion Option. (iii) Tenant may only exercise the Expansion Option, and an exercise thereof shall only be effective if, at the time of Tenant’s exercise of the Expansion Option and on the Expansion Option Commencement Date, this Lease is in full force and effect and Tenant is not in Default under this Lease. (iv) If Tenant has validly exercised its Expansion Option, then effective as of the Expansion Option Commencement Date, the Option Space which Tenant will lease shall be included in the Premises, subject to all of the terms, conditions and provisions of this Lease, except that: (1) Rent per square foot of Rentable Area shall be at the rate of 95% of the Market Rental Rate as defined in Section 43 of the Original Lease and shall commence upon the Expansion Option Commencement Date; (2) the Rentable Area of the Premises shall be increased by the Rentable Area of the Option Space; and (3) the terms of the demise covering the Option Space shall commence on the Expansion Option Commencement Date and shall expire simultaneously with the expiration or earlier termination of the term of this Lease, as extended; (4) the Option Space shall be leased in its “as is” condition as of the Expansion Option Commencement Date, and Landlord shall have no obligation to improve such space for Tenant’s occupancy, unless the Market Rental Rate includes as a component thereof tenant improvements, specific base building condition or any construction allowance, in which case Landlord shall furnish a construction allowance in lieu of providing any tenant improvement or specific base building condition, which allowance to Tenant shall be paid in the manner set forth in Section 48A(iv) of the Original Lease (except for the dollar amount thereof); and (5) As a material consideration for this Lease, Landlord shall deliver possession of the Option Space to Tenant on a date that is not less than 120 days prior to the Expansion Option Commencement Date. In the event Landlord is unable for any reason to deliver possession of Option Space to Tenant on a date that is not less than 120 days prior to the applicable Expansion Option Commencement Date, Landlord shall not be subject to any liability for failure to deliver possession, except as hereinafter provided. Such failure to deliver possession shall not affect either the validity of this Lease or the obligations of either Landlord or Tenant hereunder, or be construed to extend the expiration of the sixth (6th) month Term 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 either as to the same rental rate then being paid in Option Space or the initial Existing Premises; provided, however, that (a) the applicable Expansion Option Commencement Date shall be delayed by a number of days equal to the number of days Landlord will continue is delayed in delivering possession of the Option Space to keep Tenant, (b) if the 4th Floor Space available for lease to delay is more than thirty (30) days, then Rent payable by 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 Option 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 per diem 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 rate 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.two

Appears in 1 contract

Sources: Lease (Northern Trust Corp)

Option to Expand. On or before expiration During the period beginning on the Commencement Date and continuing for a period of the sixth eight (6th) month of the term8) weeks thereafter (“Option Period”), Tenant shall have an option (“Expansion Option”) to expand the Premises to include all or a portion of the area highlighted in green and labeled “▇▇▇▇ Motors on Exhibit “A-4” attached hereto (“Expansion Space”). The Expansion Space shall be required provided by Landlord to lease Tenant in its then “as-is, there is” condition. Base Rent for the remainder 3,942 Expansion Space shall be payable at the rate of $3.00 per square foot for the first 1,000,000 square feet of Rentable the Premises (as amended to include the Expansion Space) and $1.00 per square foot for any portion of the Premises (as amended to include the Expansion Space) in excess of 1,000,000 square feet. Base Rent for the Expansion Space shall be payable in time and manner, and subject to the same terms and conditions, as the Base Rent set forth in Paragraph 3.1 herein. In addition to Base Rent, Tenant shall also pay Additional Rent on the third (3rd) floorExpansion Space leased by Tenant as set forth herein. Accordingly, at Tenant’s Share, the same rental rate then being paid for Rentable Area of the initial PremisesBuilding and the Rentable Area of the Premises shall each be adjusted as set forth in Paragraph 5.1 herein. In additionconnection with the foregoing, Tenant will have the right shall give written notice to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space Landlord 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 or before the expiration of the sixth (6) month and commencement Option Period as to what portion 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 Expansion Space that Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the term. If the Tenant does not elect wishes to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Lease“Expansion Notice”). Thereafter, Tenant shall have five (5) business days thereafter to execute a lease amendment with Landlord incorporating 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 Spaceset forth herein (“Lease Amendment”). Tenant shall have the option to lease at then current market rental rates any additional space which Time 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 essence with regard 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 reason whatsoever shall conclusively be deemed a waiver of such expansion optionobligations hereunder. Notwithstanding anything to Accordingly, if Landlord does not receive the contrary contained Expansion Notice or the executed Lease Amendment from Tenant within the express time periods set forth herein, Tenant’s option Expansion Option shall be subject terminated and Landlord shall be free to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at lease the time it makes such election is sufficient Expansion Space to meet its financial obligation associated with the Offered Spaceanother tenant.

Appears in 1 contract

Sources: Lease Agreement (Elio Motors, Inc.)

Option to Expand. On or before expiration Section 58 of the sixth Lease is amended to redefine the location of each Option Space as follows: (6tha) month The First Option Space shall now consist of approximately 12,500 contiguous rentable square feet (plus or minus 10% as determined by Landlord) on the 9th floor of the termBuilding. Landlord shall determine the exact location and size of the First Option Space in accordance with the foregoing parameters and shall notify Tenant thereof in Landlord’s notice to be delivered pursuant to Subsection 58(F)(iv) of the Lease. (b) The Second Option Space shall now consist of either (i) the entire 9th floor of the Building, or (ii) both the entire 9th and the entire 8th floors of the Building, as specified by Tenant shall be required to lease in its exercise notice for the remainder 3,942 second expansion option. The parties acknowledge that if Tenant exercised its first expansion option, the 9th floor portion of the Second Option Space will consist of the remaining rentable square feet of Rentable the 9th floor not leased by Tenant pursuant to the first expansion option. (c) If Tenant exercised its second expansion option, and as a result is leasing both the entire 8th and 9th floors of the Building, then there shall be no Third Option Space on and Tenant’s third expansion option shall be of no force or effect. However, if Tenant is not leasing both the entire 9th and 8th floors of the Building pursuant to its first and second expansion options, then: (i) if Tenant did not exercise either of such options, the Third Option Space shall consist of the entire 9th floor of the Building; (ii) if the First Option Space is the only space leased by Tenant pursuant to Tenant’s exercise of its prior expansion options, the Third Option Space shall consist of either (A) the remainder of the 9th floor, or (B) both the remainder of the 9th floor and the entire 8th floor, as specified by Tenant in its exercise notice for the third expansion option; or (3rdiii) floorif the entire 9th floor is leased by Tenant pursuant to Tenant’s exercise of its prior expansion options, the Third Option Space shall consist of the entire 8th floor of the Building. (d) If at the time of Tenant’s exercise of its fourth expansion option, Tenant previously expanded into only the First Option Space described in Paragraph 7(a) above and no other Option Space, then the Fourth Option Space shall consist of either of the following, as specified by Tenant in its exercise notice for the fourth expansion option: (i) the remainder of the 9th floor not then leased by Tenant; or (ii) such remaining portion of the 9th floor plus the entire 8th floor of the Building; or (iii) such remaining portion of the 9th floor plus the entire 8th and 7th floors of the Building. If, however, at the same rental rate time of Tenant’s exercise of its fourth expansion option, Tenant previously expanded into the entire 9th floor or did not expand into any portion of the 9th floor pursuant to Tenant’s prior expansion options, then being paid the Fourth Option Space shall consist of one (1) or two (2) full floors (as specified by Tenant in its exercise notice for the initial Premisesfourth expansion option) which is/are contiguous to the 10th Floor Space or any any Option Space leased by Tenant pursuant to Paragraph 58 of the Lease, as amended hereby. As an illustration of the immediately preceding sentence, if at the time of Tenant’s exercise of its fourth expansion option, Tenant exercised all of the prior expansion options for all of the Option Space available for expansion as described above, the Fourth Option Space will consist of either (A) the entire 6th floor of the Building, or (B) both the entire 6th and the entire 7th floors of the Building, as determined by Tenant. (e) If at the time of Tenant’s exercise of its fifth expansion option, Tenant previously expanded into only the First Option Space described in Paragraph 7(a) above and no other Option Space, then the Fifth Option Space shall consist of either of the following, as specified by Tenant in its exercise notice for the fifth expansion option: (i) the remainder of the 9th floor not then leased by Tenant; or (ii) such remaining portion of the 9th floor plus the entire 8th floor of the Building; or (iii) such remaining portion of the 9th floor plus the entire 8th and 7th floors of the Building. If, however, at the time of Tenant’s exercise of its fifth expansion option, Tenant previously expanded into the entire 9th floor or did not expand into any portion of the 9th floor pursuant to Tenant’s prior expansion options, then the Fifth Option Space shall consist of one (1) or two (2) full floors (as specified by Tenant in its exercise notice for the fifth expansion option) which is/are contiguous to the 10th Floor Space or any Option Space leased by Tenant pursuant to Paragraph 58 of the Lease, as amended hereby. As an illustration of the immediately preceding sentence, if at the time of Tenant’s exercise of its fifth expansion option, Tenant exercised all of the prior expansion options for all of the Option Space available for expansion as described above, the Fifth Option Space will consist of either (A) the entire 4th floor of the Building, or (B) both the entire 4th and the entire 5th floors of the Building, as determined by Tenant. 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 (4thParagraph 58(F)(i) 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 is hereby deleted 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spaceentirety.

Appears in 1 contract

Sources: Lease Agreement (Wells Real Estate Investment Trust Inc)

Option to Expand. On (a) So long as the Tenant (i) is not in default in the performance of any of the terms, covenants or before conditions of this Lease beyond the expiration of applicable notice and cure periods, and (ii) is then occupying the sixth (6th) month entire 5th Floor Premises, the Tenant shall have an option to lease additional space on the fifth floor of the termBuilding, as indicated on Exhibit "E" annexed hereto (the "Additional 5th Floor Premises") on the terms set forth herein. The Tenant shall be required deliver written notice to the Landlord of its election to lease the remainder 3,942 square feet Additional 5th Floor Premises on or before March 31, 2000, time being of Rentable Space the essence as to the delivery of such notice. If the Tenant fails to deliver such notice to the Landlord on the third (3rd) flooror before such date, at the same rental rate then being paid for the initial Premises. In addition, Tenant will it shall be deemed to have waived the right to expand during lease the first 6 months by leasing Additional 5th Floor Premises and the approximately 15,165 square feet Landlord may thereafter lease such space to any third-party free of Rental Space on the fourth (4th) floor (Tenant's rights. Upon receipt of notice of 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 Tenant's election to lease the 4th Additional 5th Floor Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the LeasePremises, the rental rate Landlord shall be increased by twenty-five cents promptly prepare an amendment to this lease reflecting the addition of such space upon the terms set forth herein and the Tenant shall then have a period of fifteen (.25¢15) per square foot, days after Tenant's receipt of such lease amendment in which to execute and Tenant improvements dollars will decline on a pro rata basis based on return such lease amendment to the remaining length of the termLandlord. If the Tenant does not elect execute and return such lease amendment to the Landlord within 15 days, the Landlord may thereafter lease the fourth (4th) floor space during Additional 5th Floor Premises to a third-party and the initial nine (9) months following commencement of the Lease, Tenant Landlord 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 no further obligation under this paragraph (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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spacea).

Appears in 1 contract

Sources: Lease Agreement (Cyber Dialogue Inc)

Option to Expand. On or before expiration Section 32.01 If available, during the term of the sixth (6th) month of the term, Tenant this lease 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 the premises to any available contiguous space existing provided: (1) Such expansion is at least 1000 square feet rentable. (2) Said Work Letter is similar to TENANT'S existing premises for the general office area. (3) If the expansion takes place during the first 6 months by leasing five years of this lease, 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 TENANT'S rent shall be the same rental rate then being paid in as TENANT'S existing rent on a proportionate basis. (4) If the expansion takes place during the sixth or seventh year of the Basic lease, TENANT'S rent shall be the same as TENANT'S existing rent on a proportionate basis plus TENANT shall pay 60% of the cost of construction if expansion takes place during the sixth lease year or 80% of the cost of construction if expansion takes place during the seventh lease year. Said expansion during the sixth or seventh lease year shall not exceed 5,000 square feet. If TENANT shall renew its lease (for a period of not less than five years), during years six and seven of the initial Premises; providedlease term, however, Landlord will continue TENANT shall not be required to keep contribute towards 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 construction costs of the sixth expansion space. (65) 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 space is 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 notification by TENANT to the LANDLORD, LANDLORD shall notify TENANT as to what space is available or will be available during the next 12 month period. (6) LANDLORD and TENANT agree that if LANDLORD does not have space properly designed for use by the TENANT, the notice and to expand shall be deferred until further notice, but the LANDLORD or TENANT has no further obligation to act on the Effective Daterequest of the TENANT. LANDLORD shall use reasonable efforts to obtain space for TENANT, at 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 cost or expense to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered SpaceLANDLORD.

Appears in 1 contract

Sources: Lease Agreement (Delta Financial Corp)

Option to Expand. On or before expiration Provided that (i) no Event of the sixth Default exists under this Lease, (6thii) 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 is in full force and incorporated herein by reference at effect, (iii) Tenant has not assigned this Lease (excluding transfers not requiring Landlord's consent hereunder) and (iv) the same rental rate then being paid in the initial Premises; providedExpansion Area referred to below has not been leased to a third party following Tenant's failure to timely exercise its right of first refusal pursuant to Article 33 below, 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 footthen, 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 Leaseonly then, Tenant shall have an option, pursuant to the right terms and conditions of first refusal this Article 32, but subject to Landlord's rights under Article 33 below, to lease the 4th Floor Space in entire third floor of the event that Landlord receives an offer to lease Building (the space"Expansion Area"), and any not a portion of 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 Spacefloor. Tenant shall have may exercise 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 Area pursuant to the terms of this LeaseArticle 32 at any time prior to November 1, 2002, by delivering to Landlord its irrevocable written notice of such exercise. To be valid, Tenant's exercise of its option to expand must be unqualified and unconditional, and subject once timely exercised, may not be rescinded by Tenant. Time is of the essence with respect to any rights of extension contained in this Lease) by delivering the time period during which Tenant must deliver to Landlord its written notice of exercise of the expansion option. If Tenant fails to Landlorddeliver written notice of its exercise of the expansion option to Landlord prior to November 1, provided 2002, then the expansion option shall expire and be of no further force and effect and Landlord shall be free to lease the Expansion Area or applicable portion thereof to third parties. If Tenant timely exercises the expansion option, and the Expansion Area is available for lease, then Landlord shall prepare, and Landlord and Tenant shall execute, an amendment to this Lease that at incorporates the time Expansion Area into the Premises and subjects the Expansion Area to all of such notice the terms and on the Effective Date, no event of default, as defined in Paragraph 25 conditions of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once except (i) Tenant shall not have any rights of early occupancy of the Expansion Area, (ii) the term of the Lease with respect to the Expansion Area shall commence immediately following the exercise an expansion option, Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion optionoption and shall be coterminus with the lease of the original Premises, (iii) Tenant's Proportionate Share and number of non-exclusive parking spaces allocated to Tenant shall be adjusted based on the leasable square footage included in the Expansion Area, (iv) Tenant shall accept the Expansion Area in its "as is" condition and Landlord shall not be obligated to construct or install any tenant improvements in the Expansion Area for Tenant, nor shall Landlord be obligated to provide Tenant with any tenant improvement allowance with respect to any tenant improvements Tenant desires to construct or install in the Expansion Area, and (v) with respect to the Expansion Area only, only a portion of the monthly Basic Rental applicable to the twelfth (12th) month of the Lease Term shall be abated pursuant to the provisions of Article 3.1 above, which portion shall be in the same percentage that the number of months remaining in the first year of the Lease Term as of the date this Lease commences as to the Expansion Area bears to twelve months. Notwithstanding anything Anything herein to the contrary contained hereinnotwithstanding, Tenant’s if Tenant has not timely exercised the expansion option shall be subject referred to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition herein at the time it makes such election is sufficient Landlord delivers an Offer (as defined in Article 33 below) to meet Tenant pursuant to the terms of Article 33 below, then, if Tenant timely elects to exercise its financial obligation associated expansion option in accordance with the Offered Spaceterms of this Article 32 (which, for purposes of this sentence, must be within five (5) business days following the date Landlord delivers the Offer to Tenant), the Basic Rental to be paid by Tenant shall be equal to the Basic Rental set forth in the Offer (which may be less than or greater than the Basic Rental applicable to the Premises (i.e. $1.00 per square foot). Landlord and Tenant agree to execute the amendment to this Lease referred to in this paragraph within ten (10) days after the date Landlord delivers the same to Tenant. Furthermore, if Tenant has not timely exercised the expansion option referred to herein at the time Landlord delivers an Offer (as defined in Article 33 below) to Tenant pursuant to the terms of Article 33 below and if such Offer is an offer to lease the second and third floors of the Building, or all of either the second or third floors of the Building and part of the other floor, then Tenant shall have no right to exercise the expansion option in accordance with this Article 32 (and lease only the third floor of the Building) but Tenant may exercise the right of first refusal in accordance with the terms of Article 33 and lease both the second and third floors of the Building on the terms set forth in the Offer.

Appears in 1 contract

Sources: Standard Office Lease (Netgear Inc)

Option to Expand. On Provided Tenant is not then in default beyond any applicable grace or before expiration cure periods, of any of the sixth (6th) month terms, conditions, covenants, obligations or provisions of the termthis Lease, Tenant shall have, and Landlord grants to Tenant and any assignee of Tenant arising from a Related Transfer but no other assignee, the option, which may be required exercised from time to lease the remainder 3,942 square feet of Rentable Space on the third (3rd) floortime, at the same rental rate then being paid for the initial Premises. In addition, Tenant will have the right to expand the Premises during the first 6 months twelve (12) month after the Effective Date to include all or a portion of the 1st and 3rd floors of the Building not covered by leasing this Lease and at any time during the approximately 15,165 square feet Lease Term to include all or a portion of Rental Space on the fourth (4th) floor 5th and 6th floors of the Building not covered by the Lease (the “4th Floor Expansion 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 subject to, and upon the following terms and conditions: (a) if Tenant elects desires to lease exercise the 4th Floor Space between option to expand, Tenant shall notify Landlord in writing (“Tenant’s Expansion Notice”), by certified mail, return receipt requested, of its intention to expand and, if the expiration additional space identified in Tenant’s Expansion Notice is less than all of the sixth (6) month Expansion Space, the size and commencement location of the ninth proposed expansion area (9ththe “Designated Expansion Space”); (b) month following commencement If the Designated Expansion Space is less than all of the LeaseExpansion Space located on any single floor, the rental rate Tenant shall not be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline on a pro rata basis based on entitled to do so unless the remaining length of the term. If the portion that Tenant does not elect to lease on such floor is a leasable size and configuration as determined by Landlord in Landlord’s sole reasonable discretion (Notwithstanding the fourth foregoing to the contrary, if Tenant elects to take Expansion Space up to an existing demising wall, then a remainder shall not be deemed “unleasable”); (4thc) floor Tenant will not be entitled to expand into any Designated Expansion Space which is subject to a lease and existing on the Execution Date; provided, however, if Landlord has the option to relocate any such Tenant under an existing lease and vacant space approximately equivalent in size to the amount of such Expansion Space then leased to such Tenant is then available elsewhere in the Building, it will do so upon receipt of Tenant’s Expansion Notice. Landlord shall not modify any existing lease (as of the Execution Date) to afford rights to the Expansion Space to a Tenant that does not already have such rights as of the date of this Lease; (d) the Base Rent and Tenant finish allowance (“Expansion Allowance”) from Landlord applicable to any Expansion Space added to this Lease will be as follows: (i) Base Rent payable by Tenant for the Designated Expansion Space shall be equal to the per square foot Base Rent (as set forth in Section 1 above) payable by Tenant from time to time during the initial nine remaining portion of the Term times the number of rentable square feet of space contained in the Designated Expansion Space as determined by Landlord and the Expansion Allowance shall be an amount equal to $28.00 per rentable square foot of the Designated Expansion Space minus the product of $0.125 per rentable square foot of the Designated Expansion Space times the number of months from the Effective Date (9including the month in which the Expansion Option is exercised). The Expansion Allowance shall be used only for construction costs of the Tenant improvements and other costs described in the Work Letter Agreement for which the Allowance may be used; and (ii) months following commencement all of Landlord’s reasonable costs resulting from the relocation of any tenant as a result of Tenant’s Expansion Notice shall be paid from the Expansion Allowance and if the Expansion Allowance is not sufficient to cover all such relocation costs, such excess shall be paid by Tenant. (e) Landlord and Tenant agree that the Expansion Allowance shall be disbursed by Landlord in accordance with and subject to the terms and conditions of the Work Letter attached to this Lease as Exhibit “D”; (f) After Tenant validly exercises the expansion right provided herein, Landlord and Tenant shall execute any amendment to the Lease, Tenant adding the Expansion Space, or a new lease for the Expansion Space, or such other documentation as Landlord shall have require, promptly after Landlord prepares the right same; and (g) Any exercise of first refusal to lease an option for less than all the 4th Floor Expansion Space in shall not terminate the event that Landlord receives an offer to lease the spaceoption, 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 but the option to lease at then current market rental rates any additional space which is available shall remain in 5,000 rsf increments consisting of effect during the area which is available on option period for the second (2nd) and fifth (5th) floors designated and referred to as the “remaining 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.

Appears in 1 contract

Sources: Lease Agreement (Ace Cash Express Inc/Tx)

Option to Expand. On or before expiration (a) Tenant shall have an option to cause Landlord to construct an addition to the Premises (the "Option to Expand") to include space on the second floor of the sixth Premises in substantially the location shown on Exhibit I attached hereto (6th) month of the term"Second Floor Space"). If Tenant desires to exercise its Option to Expand, Tenant shall be required give a notice to lease the remainder 3,942 square feet Landlord of Rentable Space on the third (3rd) floor, at the same rental rate then being paid for the initial Premisesits desire to do so. In additionthe event of such notice by Tenant, Landlord agrees to negotiate in good faith with Tenant will have the right to expand during the first 6 months by leasing the approximately 15,165 square feet terms of Rental Space on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached an amendment to this Lease expanding the Premises to include the Second Floor Space, Tenant hereby agreeing that the hard and incorporated herein by reference at soft costs of constructing the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Second Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following must be recovered by Landlord over the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration term of the sixth (6) month and commencement lease of the ninth (9th) month following commencement of Second Floor Space. In the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square foot, event that Landlord and Tenant improvements dollars will decline on a pro rata basis based on shall fail to execute such an amendment to this Lease within 90 days after such notice, then Tenant shall have the remaining length of rights set forth in Subsection 10.14(b) below. (b) In the term. If event that Landlord and Tenant shall fail to reach an agreement under the Tenant does not elect foregoing Subsection 10.14 (a) pursuant to lease which Landlord shall construct the fourth (4th) floor space during the initial nine (9) months following commencement of the LeaseSecond Floor Space, then Tenant shall have the right of first refusal to lease the 4th construct said Second Floor Space in upon terms and conditions reasonably acceptable to Landlord, which terms and conditions shall include at least the event that following: (i) Tenant shall give Landlord receives an offer notice of its election to lease construct the spaceSecond Floor Space at least 6 months prior to Tenant's anticipated date for commencing construction thereof; (ii) all required improvements' for the Second Floor Space (including, without limitation, any and any such right of first refusal all structural alterations or additions to the Building or the Premises) shall be on the exact terms received made at Tenant's sole cost and expense pursuant to plans and specifications prepared by Tenant, reasonably approved by Landlord, and approved by Landlord from a third party offering to lease any mortgagee(s) of Landlord; (iii) the 4th general contractor for the Second 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option Space shall be subject to a determination the reasonable approval of Landlord and any mortgagee(s) of Landlord; (iv) all improvements made to the Second Floor Space and to the Building and the Premises in connection therewith shall become part of the Premises upon installation thereof by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.; and

Appears in 1 contract

Sources: Lease (BioMed Realty Trust Inc)

Option to Expand. On or before expiration 43.1 During the Original Lease Term, and if Lessee is not in default hereunder at the time of Lessee's exercise of the sixth (6th) month option provided herein, and if Lessee is in possession of the termPremises, Tenant shall be required and if the Lease is then in full force and effect, then Lessee has the option to lease and expand the remainder 3,942 square feet "Premises" under this Lease (the "Expansion Option") to include within its definition up to all 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 (as may be leased by Lessee, called the “4th Floor "Expansion Space”) as identified on Exhibit “B-1” attached to "), and all of the terms and conditions of this Lease shall apply with full force and incorporated herein by reference effect to the expanded Premises after such expansion except as provided for in this Section 43. To exercise the Expansion Option, Lessee shall deliver written notice to Lessor on or before the Commencement Date which notice shall specify the space to be a part of the expansion and containing approved plans for the construction of improvements to the Expansion Space. The commencement date for the Expansion Space (the "Expansion Space Commencement Date") shall be the later of (i) the date that is six (6) months after the Commencement Date, or (ii) ten (10) days after substantial completion of the tenant improvements in the Expansion Space, with Lessee's obligation to pay Annual Base Rental, Base Rent, Annual Step Rental, Amounts Due, and Proportionate Share of Common Operating Expenses for such Expansion Space beginning on such Expansion Space commencement date, with Annual Base Rental, Base Rent, Annual Step Rental, Amounts Due, and Proportionate Share of Common Operating Expenses paid to Lessor at the same rental rate then being paid rates provided for 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 Lease. If Lessee elects to lease less than the 4th Floor Space between entire fourth (4th) floor, then Lessor shall have the expiration right to approve the location of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate space that Lessee shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline lease pursuant to this Section 43 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 floor. Lessor's approval right shall not be unreasonably withheld, conditioned or delayed. 43.2 In the initial nine (9) months following commencement event Lessee fails to exercise its rights to the Expansion Space prior to the Commencement Date, then the rights contained in this Section 43 shall terminate, be void and of the Leaseno force and effect as to such space, Tenant Lessor shall have the right of first refusal to lease such space free and clear of such Expansion Option. Lessor shall promptly respond to reasonable requests of Lessee concerning the 4th Floor Space availability of other space for lease in the event that Landlord receives an offer to lease the space, and Building. If Lessee exercises 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 provided in this Lease) by delivering written notice to LandlordSection 43 and in accordance with this Section 43, provided Lessor and Lessee shall diligently and in good faith execute whatever instruments or documents that at are helpful or necessary in effecting 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained provisions herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.

Appears in 1 contract

Sources: Lease Agreement (Harbinger Corp)

Option to Expand. On Section 26.01. Provided there shall not have occurred and be continuing an “Event of Default” (as defined in Article XV hereof) and there has been no assignment of this Lease (other than a Permitted Transfer as defined in Article VIII), then, at any time on or before expiration prior to September 30, 2014, Tenant shall have the right to lease all (or as provided in Section 26.02, a portion) of the sixth “Expansion Space” (6thas indicated on Exhibit “A” attached hereto) month pursuant to the terms and conditions of this Lease, including Base Rent and Additional Rent set forth herein; provided, however, the termExpansion Space shall be tendered to, and accepted by, Tenant on an “as-is” basis. If Tenant elects to expand into the Expansion Space, Tenant shall be required to lease the remainder 3,942 square feet of Rentable Space on the third (3rd) floorentire Expansion Space, at the same rental rate then being paid for the initial Premisesexcept as provided in Section 26.02. In addition, the event 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 desires to lease the 4th Floor Expansion 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 LeaseSection 26.01, Tenant shall notify Landlord on or before September 30, 2014 of its election (“Expansion Notice”). Time is of the essence. In the event Landlord does not receive Tenant’s Expansion Notice on or before September 30, 2014, then this Article XXVI shall be rendered null and void and of no further force or effect. Upon receipt by Landlord of Tenant’s Expansion Notice, Landlord shall submit to Tenant a lease amendment incorporating the Expansion Space (or applicable portion thereof) into the Leased Premises upon the terms and conditions set forth in this Article XXVI, and Tenant shall execute and deliver to Landlord signed counterparts of such lease amendment within ten (10) days following receipt thereof by Tenant. Time is of the essence. In the event Tenant fails to execute the aforesaid amendment and return same to Landlord within such ten (10) day period, then Tenant will be deemed to have waived its rights under this Article XXVI and this Article XXVI shall be rendered null and void. Such amendment shall provide that Tenant’s obligation to pay rental attributable to the Expansion Space shall commence thirty (30) days following the date upon which Landlord tenders possession of the Expansion Space to Tenant (“Tender Date”). In the event Tenant exercises its rights herein granted, the Expansion Space shall be tendered to Tenant and accepted by Tenant on an “as is” basis and shall become part of the Leased Premises, subject to all of the terms and provisions of this Lease as of the Tender Date. Tenant shall be responsible for all costs and expenses in connection with any rights construction required to combine the Leased Premises and the Expansion Space, and all construction performed at the Expansion Space shall be performed in full compliance with all applicable governmental laws, regulations and ordinances, in a good and workmanlike manner and based upon plans and specifications approved by Landlord (which approval by Landlord shall not be unreasonably withheld, delayed or conditioned). Upon the Tender Date, “Tenant’s Share” (as said term is used in Article XXI) shall be calculated by using as the numerator the total number of extension square feet then contained in the Leased Premises after adding thereto the Expansion Space. The term of this Lease) by delivering Lease with respect to any Expansion Space shall be co-terminous with that of the original Leased Premises. Section 26.02. If, on or prior to September 30, 2014, Landlord receives a bona fide written offer from a third party to lease all or a portion of the Expansion Space, Landlord may give notice to Landlord, provided that at the time Tenant of such notice offer (“Third Party Offer Notice”) in which event Tenant shall have a period of ten (10) days after receipt of the Third Party Offer Notice in which to send to Landlord the Expansion Notice indicating that Tenant elects to lease all (or such portion of the Expansion Space pursuant to the terms set forth in Section 26.01, above). In the event Landlord does not receive the Expansion Notice from Tenant within ten (10) days after Tenant’s receipt of the Third Party Offer Notice, and on Landlord proceeds to lease all or such portion of the Effective DateExpansion Space pursuant to such Third Party Offer Notice, no event of default, as defined in Paragraph 25 then Tenant will be deemed to have waived its right to expand into the Expansion Space or applicable portion thereof pursuant to the terms of this LeaseArticle XXVI. In the event Landlord does not lease all or such portion of the Expansion Space pursuant to such Third Party Offer Notice within six (6) months after said ten (10) day period, Tenant shall continue to have the Option to Expand into the Expansion Space pursuant to this Article XXVI, and in the event Landlord leases only a portion of the Expansion Space pursuant to such Third Party Offer Notice within said six (6) month period, Tenant shall continue to have the Option to Expand into the balance of the Expansion Space pursuant to this Article XXVI. Section 26.03. In the event Tenant declines to exercise its Option to Expand or is deemed to have waived its Option to Expand, then Landlord shall have occurred and remain uncured beyond the right to market the Expansion Space or applicable portion thereof to third parties. If, after Tenant declines its Option to Expand (or is deemed to have waived its Option to Expand), Landlord enters into a lease with a third party for all or any applicable cure period. Once portion of the Expansion Space, Tenant shall exercise an expansion optionpay to Landlord the cost incurred by Landlord to install up to 600 amps of electricity to the Expansion Space, including the “House Service”. The total cost incurred by Landlord in installing electricity with respect to the Expansion Space including the House Service shall herein be referred to as the “Installation Cost”. Prior to authorizing any work Landlord shall obtain at least three (3) competitive bids for the Installation Cost from qualified contractors. Landlord shall submit the three bids to Tenant may not thereafter revoke such exercisefor approval by Tenant. Tenant shall have five (5) days in which to notify Landlord which contractor’s bid it approves, failing which Landlord shall have the right to select one of the bidding contractors. Tenant’s failure share of the Installation Cost shall be payable within thirty (30) days after written notice from Landlord to timely exercise Tenant accompanied by a copy of the invoice from Landlord’s contractor. In the event the tenant occupying the Expansion Space should require more than 600 amps of electricity which Landlord is required to make available and pay for, Landlord and Tenant shall share the Installation Cost on a pro rata basis calculated as provided herein: Tenant’s share of the Installation Cost shall be an expansion option for any reason whatsoever shall conclusively be deemed amount equal to the product of (i) the total Installation Cost multiplied by (ii) a waiver fraction, the numerator of such expansion optionwhich is 600 and the denominator of which is the total amps of electricity installed with respect to the Expansion Space. Notwithstanding anything written herein, in no event shall Tenant be responsible for paying any cost associated with any installation of any ▇▇▇▇ gutter at or with respect to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Expansion Space.

Appears in 1 contract

Sources: Commercial Lease Agreement (Francesca's Holdings CORP)

Option to Expand. On or before expiration Tenant shall be given the option to expand anytime during the first forty-eight (48) months of this lease, into an additional 10,000 square feet of contiguous space in the Office Project under the following terms and conditions: A. The term shall be shortened approximately to make it co-terminus with the original lease, B. The Rental rate for the expansion space shall be $.59 per square foot per month, net of operating expenses (additional rent) for the entire term. C. Should Tenant exercise this expansion right within the first thirty-six (36) months, the amount of the Tenant Improvement Allowance provided by Landlord shall be $15.00 per square foot. Should the Tenant exercise this option to expand after the thirty-sixth (6th36th) month the Tenant Improvement Allowance provided by the Landlord will be calculated at follows: $15.00 per square foot times the number of months remaining on the expansion term divided by 81 months. Furthermore, Landlord shall have the obligation of notifying Tenant when the last 10,000 square foot of contiguous space is being encroached on by an additional tenant. Such notice shall be given when the Landlord has mutually agreed upon preparatory terms and conditions for a least (Letter of Agreement) for all or a portion of the termlast remaining 10,000 square feet. Upon Tenant receiving written notice of said encroachment, Tenant shall be required have five (5) business days to lease notify Landlord in willing of its desire to exercise this Option to Expand. Should Tenant not elect to exercise its option on the remainder 3,942 10,000 square feet of Rentable Space on the third (3rd) floorat that time, at the same rental rate then being paid for the initial Premises. In addition, Tenant will Landlord shall have the right to consummate a lessee with that prospective Tenant and Sutter Corporation shall h▇▇▇ ▇▇ option to expand during under the first 6 months by leasing same terms and conditions as listed above on the approximately 15,165 remaining portion of that 10,000 square feet. This same process shall take place in the remaining portion of that 10,000 square feet of Rental Space on space until the fourth (4th) floor (Tenant exercises its option, the “4th Floor Space”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at balance of that space is leased, or 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 end of the sixth forth-eighth (648th) month and commencement of the ninth (9th) month following commencement of the Leasethis lease expires, 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 at which time this 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spaceexpand will expire.

Appears in 1 contract

Sources: Standard Office Lease (Orthologic Corp)

Option to Expand. On or before expiration Provided LESSEE is not then in default of the sixth (6th) month terms 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 LESSEE shall have the option to lease at then current market rental rates any additional space which is available on the third floor in 5,000 rsf increments consisting the Building, (15,383 square feet now occupied by Inscribe or 24,150 currently unoccupied - (hereinafter Option Space) on the terms and conditions as set forth in this Lease except that the Base Rent shall be the fair Market Rent for the Option Space. In the event LESSEE properly exercises its option to lease the Option Space, the Option Space shall automatically be included in and become a part of the area Leased Premises from and after the date on which the Option Space is available on included within 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 Leased Premises; all of the Lease Term (unless sooner terminated pursuant to the terms of this Leaseterms, provisions, conditions and subject to any rights of extension covenants contained in this Leaselease shall apply thereto, except with respect to Base Rent for the Option Space and further, all of the terms defined in this Lease shall then be automatically adjusted accordingly (including appropriate CAO calculations), so that, for example, the term "Leased Premises" whenever used herein shall then and thereafter apply to such Option space. LESSEE acknowledges that some portion of the Option Space is currently under written lease agreement and that the existing tenant has some rights with respect to such Option Space (which rights are summarized on Exhibit F attached hereto) by delivering and that LESSEE's rights hereunder are subject to the rights of tenants currently occupying a portion of the Option Space. If the current tenant does not exercise its rights with respect to a portion of the Option Space, LESSOR agrees that prior to accepting any proposal for lease of the now occupied portion of the Option Space or the remainder of the Option Space, LESSOR shall give LESSEE written notice to LandlordLESSEE of the proposed terms for rental of the then available Option Space. LESSEE shall have fourteen (14) business days following receipt of LESSOR's notice, provided that at to elect by written notice received by LESSOR within said fourteen (14) business days of the time receipt 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 to add such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything space to the contrary contained hereinLeased Premises. In the event LESSEE fails to properly exercise its option to lease the Option Space, Tenant’s such option shall thereafter terminate and LESSOR shall thereafter be subject free to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at lease the time it makes such election is sufficient Option Space to meet its financial obligation associated with the Offered Spaceother parties.

Appears in 1 contract

Sources: Sublease (Interliant Inc)

Option to Expand. On or before expiration (a) Subject to the terms of this Paragraph 58 and Paragraph 60, entitled "Options," Landlord hereby grants to Tenant the sixth option (6th"Expansion Option ") month of to amend the term, Tenant shall be required Lease to lease expand the remainder 3,942 Premises to include not less than 2,000 nor more than 4,000 rentable 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 located on the fourth (4th) floor or eighth (8th) floors (the “4th Floor "Expansion Space"). To the extent the location of the Expansion Space is not specifically designated above, Tenant's "Expansion Notice" (as defined below) as shall specify the area and size of space (within the foregoing parameters) into which Tenant would like to expand the Premises. After considering Tenant's desires, the exact location and size of the Expansion Space shall be selected by Landlord, in its discretion, within the foregoing parameters and 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 in writing delivered to Tenant by Landlord ("Landlord's Notice") within thirty (30) days following Landlord's receipt of three (3) months (a total of nine months following Tenant's Expansion Notice. Only if and to the commencement date), but if Tenant elects to lease extent the 4th Floor Space between the expiration location 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 Expansion Space is not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Leasespecifically designed above, Tenant shall have the right right, within five (5) days following receipt of first refusal Landlord's Notice, to lease deliver a writing to Landlord rescinding Tenant's Expansion Notice with respect to the 4th Floor Expansion Space in the event that Landlord receives an offer to lease the space, not specifically designated above and any such right of first refusal shall be on the exact terms received and approved designated 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's Notice. Tenant’s 's failure to timely exercise an expansion option for any reason whatsoever deliver such a rescission to Landlord shall conclusively be deemed a waiver to be Tenant's satisfaction with the location and size of the Expansion Space as designated by Landlord in Landlord's Notice. The Expansion Option is subject to the condition that Landlord receive from Tenant. written notice ("Expansion Notice") of Tenant's election to exercise the Expansion Option no earlier than the last day of the thirtieth (30th) month of the Term and no later than the last day of the thirty-sixth (36th) month of the Term. If Tenant properly exercises the Expansion Option, the Expansion Space will be added to the Premises currently leased by Tenant under the Lease effective as of the date the Expansion Space is delivered to Tenant in the condition described below, which date shall be between the thirty-sixth (36th) and sixtieth (60th) months of the Term. Landlord's Notice shall contain Landlord's good-faith estimate of the date the Expansion Space will be delivered to Tenant in the condition described below. Landlord's Notice shall in any event specify the approximate number of rentable square feet of the Expansion Space. All terms and conditions for said option space shall remain in place, except that the rent for the space shall be at the then fair market value. The fair market value for the Premises shall be an amount equal to the fair market rental value of the Premises, as determined herein, but shall in no event be less than the Annual Basic Rental payable for the last month of the then current year of the Lease. Landlord shall determine the fair market rental value of the Premises by using its best good faith judgment. Such fair market rental value shall be determined by Landlord in accordance with the projected (to the commencement of such expansion option. Notwithstanding anything Option to Extend) prevailing market rentals for similar space in Class "A" commercial office buildings in the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.Orange County

Appears in 1 contract

Sources: Consent to Sublease (2themart Com Inc)

Option to Expand. On or before expiration In the event Tenant has not been in default of any of the sixth (6th) month terms, conditions and covenants 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 this Lease Agreement and any Amendments made hereto 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; providedterm hereof, 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 18,674 square feet of space from the Landlord located on the first (1st) floor of ▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, subject to availability and further subject, but not limited to, the following terms and conditions: 1. Tenant's additional space which is available in 5,000 rsf increments consisting requirement must be for a minimum of the area which is available on the second 18,674 square feet of space (2nd) and fifth (5th) floors designated and hereinafter referred to as the "Expansion Space”Premises"). 2. Tenant must notify Landlord in writing ("Tenant's Notice") of its additional space requirements six (6) months prior to the date Tenant desires such Expansion Premises, but not prior to January 1, 2001 and not later than January 31, 2001. 3. Tenant must occupy said Expansion Premises and the Premises demised hereunder for a term which shall be coterminous with the existing Lease Term. 4. Said Expansion Premises shall be offered to Tenant at any time during the lease term (same per square foot rental rate then being paid by Tenant in accordance with Section 1 herein. 5. The Expansion Premises shall be leased to Tenant in its "as-is" condition. 6. Landlord shall deliver the “Effective Date”) and ending Expansion Premises no later than June 30, 2001, provided, however, if Landlord is unable to deliver the Expansion Premises on the expiration June 30, 2001 as a result of the existing tenant holding over in the Expansion Premises, Landlord shall not be responsible for any delay caused thereby and Landlord shall diligently pursue all its remedies under the law or its lease with such third party to evict such holdover tenant from the Expansion Premises. It is hereby agreed between the parties that immediately following Landlord's receipt of Tenant's Notice indicating its desire to lease Expansion Premises, Landlord and Tenant shall enter into a mutually acceptable Amendment to this Lease Term (unless sooner terminated pursuant to setting forth 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spaceprovisions set forth hereinabove.

Appears in 1 contract

Sources: Industrial Lease (Ibis Technology Corp)

Option to Expand. On or before expiration If Sublessee has exercised its option to extend the Term for the First Extended Term by exercising the Extension Option provided in Section 19, and if and provided that Sublessee has demonstrated a track record of financial success and performance and has raised adequate capital to reasonably satisfy both Sublessor and Lessor as to its ability to fulfill the additional financial obligations of payment of rent and other charges for the Expansion Space (as hereinafter defined), and, thereby, provide Sublessor reasonable assurance that Sublessor is not at risk by virtue of the sixth fact that Sublessor will increase its financial obligations by directly leasing the Alternate Location (6th) month as hereinafter defined), Sublessor hereby grants to Sublessee the right, at Sublessee’s option, to expand the Premises to include the balance of the termspace in the Building then occupied by Sublessor, Tenant shall be required to lease except the remainder 3,942 square feet Growth Chamber Area and Laboratory along the east wall 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 floor of the approximately 15,165 square feet of Rental Space on the fourth (4th) floor (the “4th Floor Space”) Building as identified depicted on Exhibit “B-1” I attached to this Lease hereto and incorporated herein by reference at (the same “Expansion Space”) by giving Sublessor notice to such effect (the “Expansion Notice”) not less than one (1) year before the date on which Premises would be expanded to include the Expansion Space (the “Expansion Space Commencement Date”), which date shall be specified in the notice. As of the Expansion Space Commencement Date, the Expansion Space shall be added to the Premises, the Base Monthly Rent shall be increased by an amount equal to the rental rate per rentable square foot of space then being paid applicable under the Sublease times the number of rentable square feet of space in the initial Premises; Expansion Space and Sublessee’s Share shall be appropriately adjusted. If Sublessee elects to exercise its option to expand, then Sublessee shall pay to Sublessor (a) any differential in rent between (i) the rent per square foot payable by Sublessor for the balance of the space in the Building then occupied by Sublessor over (ii) the rent per square foot payable by Sublessor for the Alternate Location (as hereinafter defined), times the number of square feet of space in the Expansion Space, over (A) a period equal to the remaining term of the Master Lease, including any Extended Terms, or (B) a period of ten (10) years from the date Sublessor first occupies the Alternate Location, whichever period is shorter (the “Rent Differential”), plus (b) the costs to be incurred by Sublessor to relocate its business and laboratory operations from the Expansion Space to another location selected by Sublessor (the “Alternate Location”), including (i) the costs of tenant improvements in the Alternate Location substantially equivalent to the tenant improvements and laboratory facilities then existing in the Expansion Space, leasing commissions and cabling and wiring costs (the “Tenant Improvement Costs”), provided, however, Landlord will continue that if the number of square feet of space in the Alternate Location is greater than the number of square feet of space in the Expansion Space then the Tenant Improvement Costs shall only include the costs attributable 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 portion of the sixth space in the Alternate Location equal to the number of square feet of space in the Expansion Space, as such costs are reasonably determined by Sublessor, and (6ii) month moving costs and commencement all other costs incident to Sublessor’s relocation of its business and laboratory operations from the Expansion Space to the Alternate Location (the “Moving Costs”). The Alternate Location (i) shall be reasonably satisfactory to Sublessor, (ii) shall be in close proximity to the Building, and (iii) the terms of the ninth (9th) month following commencement lease on the Alternate Location, including the amount of the Leasesecurity deposit, the rental rate if any, shall be increased by twenty-five cents (.25¢) per square foot, reasonably acceptable to Sublessor. The Tenant Improvement Costs 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 Moving Costs are sometimes hereinafter collectively referred to as the “Relocation Costs”. If the rent payable by Sublessor for either the Expansion Space or the Alternate Location is not fixed in the relevant leases or determinable by reference to a formula or specified increases set forth in the relevant lease (for instance, because rent during an extended term is determined with reference to market rent as of the first day of the extended term), then for purposes of calculating the Rent Differential the relevant rent(s) shall be projected through the extended term(s) based on the rent payable during the last month as to which the rent is so fixed or determinable. For instance, if Sublessee gave the Expansion Notice in 2006, then the rent during the extended terms under the Master Lease would be projected based on the rate of $24.50 per rentable square foot per year applicable to Months 91-120 of the term of the Master Lease. The Rent Differential shall be calculated as provided in this Section and the Relocation Costs shall be reasonably estimated by Sublessor as soon as reasonably possible, but not later than the date six (6) months after the date of receipt by Sublessor of the Expansion Notice, and Sublessor shall give notice to Sublessee setting forth the estimated Relocation Costs. Within thirty (30) days of the date of receipt by Sublessee of Sublessor’s notice setting forth the Rent Differential and the estimated Relocation Costs, Sublessee shall either (a) pay to Sublessor in cash or immediately available federal funds an amount equal to the Rent Differential and the estimated Relocation Costs, or (b) give notice to Sublessor revoking the Expansion Notice and electing not to expand the Premises to include the Expansion Space. If Sublessee revokes the Expansion Notice and elects not to expand the Premises, at any time during then Sublessee shall reimburse Sublessor for the costs incurred by Sublessor to locate and negotiate a lease term (the “Effective Date”) and ending on the expiration Alternate Location and to develop the estimate of Relocation Costs, including leasing commissions, attorney’s fees, consultant’s fees, fees payable to contractors, estimators or the landlord of the Lease Term Alternate Location relating to estimating the costs of tenant improvements, and the cost of Sublessor’s own managerial and other personnel engaged in locating the Alternate Location, negotiating a lease on the Alternate Location and developing the estimate of Relocation Costs. Within ninety (unless sooner terminated pursuant 90) days after Sublessor completes the relocation of its business and laboratory operations from the Expansion Space to the terms Alternate Location, or as soon thereafter as is reasonably practicable, Sublessor shall deliver to Sublessee a written statement setting forth the actual Relocation Costs. If the actual Relocation Costs exceed the estimated Relocation Costs, then Sublessee shall pay the difference to Sublessor within thirty (30) days after receipt of this Leasesuch statement by Sublessee, provided, however, that if the actual Relocation Costs are more than one hundred twenty-five percent (125%) of the estimated Relocation Costs, Sublessee shall only be required to pay the difference between an amount equal to one hundred twenty-five percent (125%) of the estimated Relocation Costs and the estimated Relocation Costs to Sublessor, and subject Sublessor shall be responsible for and bear the additional difference. If the actual Relocation Costs are less than the estimated Relocation Costs, then Sublessor shall pay the difference to any rights of extension contained in this Lease) by delivering written notice to Landlord, provided that Sublessee at the time of Sublessor furnishes 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 statement to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered SpaceSublessee.

Appears in 1 contract

Sources: Sublease (Eden Bioscience Corp)

Option to Expand. On or before expiration (a) Subject to Tenant's payment of the sixth Expansion Space Holding Cost as provided for hereinbelow, Landlord hereby grants to Tenant an option (6ththe "Expansion Option") month of the term, Tenant shall be required to lease the remainder 3,942 expansion area containing approximately 3,036 rentable square feet (which includes the adjustment provided for in Paragraph 2.1 of Rentable Space the Lease) as shown on Exhibit A to 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 Lease (the “4th Floor "Expansion Space"). The expansion Option shall be exercised, if at all, by notice from Tenant to Landlord in writing within six (6) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at months of the same rental rate then being paid in commencement date of the initial Premisesterm of the Lease; 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 that if Tenant elects to lease the 4th Floor Space between the expiration is in default under any of the sixth (6) month and commencement of the ninth (9th) month following commencement material terms, conditions or covenants of the Lease, either at the time Tenant exercises, the Expansion Option or when Landlord delivers the Expansion Space, Landlord shall have, in addition to the rights and remedies provided in the Lease, the right to terminate the Expansion Option. (b) If Tenant elects to exercise the Expansion Option, Landlord shall provide Tenant with an improvement allowance equal to $70.00 per useable square foot of space in the Expansion Space, and the Expansion Space shall be built out by landlord in accordance with the terms of Exhibit B to the Lease (with appropriate changes to reflect build-out of the Expansion Space, as opposed to the initial Premises). Landlord shall deliver possession of the Expansion Space to Tenant for occupancy upon completion of the build-out of the Expansion Space; but in no event later than 2 Months from Tenant's exercise of the Expansion Option and, upon such delivery, the Expansion Space shall be deemed to be a part of the Premises and shall be leased upon and subject to all of the terms, covenants and conditions of, and at the base monthly rental rate shall be increased by twenty-five cents (.25¢) per provided for in, the Lease; and the square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length footage of the term. If Premises (which includes the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement adjustment provided for in Paragraph 2.1 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 Tenant's Pro Rata Share 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 appropriately adjusted. (c) Landlord's grant of the area Expansion Option is subject to and conditioned upon Tenant's payment to Landlord of a monthly amount to hold the Expansion Space off the market, said monthly amount being equal to $.83 per rentable square foot of the Expansion Space (which is available on includes the second adjustment provided for in Paragraph 2.1 of the Lease) plus Tenant's Pro Rata Share attributable to the Expansion Space (2nd) and fifth (5th) floors designated and referred to as collectively, the "Expansion Space”Space Holding Costs"), at any time during for the lease term (period from the “Effective Date”) and ending on the expiration commencement date of the Lease Term (unless sooner terminated pursuant to the date Tenant exercises its option for the Expansion Space or the date Tenant notifies Landlord that Tenant elects to terminate the Expansion Option. Expansion Space Holding Costs shall be payable monthly, in advance, in accordance with the terms of this Leaseof, and subject to any rights of extension contained in this as additional rent owing under, the 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.

Appears in 1 contract

Sources: Triple Net Laboratory Lease (Dynavax Technologies Corp)

Option to Expand. On or before expiration of Landlord and Tenant acknowledge that another tenant (the sixth "Existing Tenant") leases from Landlord the remaining premises in the Building (6th) month of the term"Remaining Premises"), Tenant shall be required to lease the remainder 3,942 which contain 21,163 gross leasable square feet of Rentable Space and are outlined on EXHIBIT A, pursuant to a lease between Landlord and the third (3rd) floor, at the same rental rate then being paid for the initial Premises. In addition, Existing 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 "Existing Tenant for one additional period of three (3) months (a total of nine months following the commencement dateLease"), 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 the Remaining Premises 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 term of the terms of this Existing Tenant Lease, and subject the expiration of which is currently scheduled to any rights of extension contained in this Lease) occur on January 31, 2007 ("Existing Lease Expiration Date"), which option must be exercised by delivering written notice to LandlordLandlord no later than 270 days prior to the Existing Lease Expiration Date. If Tenant elects to lease the Remaining Premises, provided that such Remaining Premises shall be subject shall be at the same monthly per square foot Base Monthly Rent rates that are applicable to the Premises, as such rates change from time of such notice to time, and on the Effective Date, no event of default, other terms and conditions as defined contained in Paragraph 25 of this the Lease, except that there will not be any concession, allowance, including without limitation, Landlord Allowance, or work required of Landlord in connection therewith. The lease of the Remaining Premises will be in its then AS IS condition. Tenant will commence paying all rent for the Remaining Premises as of the date Landlord delivers possession of the Remaining Premises to Tenant. If Tenant elects to lease the Remaining Premises, the parties shall thereafter execute an amendment to this Lease adding the Remaining Premises to the Lease. In the event the Existing Tenant Lease terminates prior to the scheduled expiration date, Landlord shall provide Tenant with notice of such termination and Tenant shall have occurred ten (10) days to decide whether or not to exercise its right to lease the Remaining Premises. The failure of Tenant to provide its written notice to lease the Remaining Premises within the applicable time period provided above shall be deemed an election not to lease the Remaining Premises. If Tenant elects (or is deemed to have elected) not to lease the Remaining Premises, any right to lease the Remaining Premises shall be null and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option, Tenant may not thereafter revoke such exercisevoid and of no further force or effect. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything 's rights under this Section 2.8 are personal to the contrary contained herein, Tenant’s option shall be subject to original party signing this Lease as Tenant and its transferee under a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered SpacePermitted Transfer.

Appears in 1 contract

Sources: Building Lease Agreement (Drexler Technology Corp)

Option to Expand. On or before expiration Landlord hereby grants to Tenant an option to ---------------- expand into the approximately 5,888 square feet remaining in ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇ (the "Fourth Expansion Space"), to be exercised in accordance with the terms and conditions of the sixth (6th) month of the term, Subsections A through D below. A. 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 notify Landlord with written notice (the “4th Floor Space”"Option Notice") 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 least nine (9) months following prior to the proposed commencement date for the Fourth Expansion Space (the "Fourth Expansion Space Commencement Date"), provided that the Fourth Expansion Space Commencement Date must occur on or before January 1, 2001. Thus, Tenant must deliver the Option Notice to Landlord on or before March 31, 2000 or else Tenant's option to expand as set forth herein shall lapse and have no legal force or effect thereafter. B. In the event Tenant timely exercises it option to expand, then commencing on the Fourth Expansion Space Commencement Date and for the remainder of the LeaseTerm, all of the terms and conditions of this Lease shall also apply to the Fourth Expansion Space, except that Base Monthly Rent for the Fourth Expansion Space shall be at the same Base Monthly Rent rate per square foot as the Third Expansion Space, as set forth in Section 5 above (including the increases thereof) and Tenant shall take the Fourth Expansion Space "as-is" without any representations or warranties whatsoever from Landlord. Landlord shall have no obligation to make any improvements to the Fourth Expansion Space as a result of Tenant's exercise of the foregoing right to expand. C. Tenant's right to expand is subject to the condition that, on the date that Tenant delivers its notice exercising its right of first refusal to lease the 4th Floor Space refusal, Tenant is not 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 default under this Lease after 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 applicable 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spaceperiods.

Appears in 1 contract

Sources: Lease (Pericom Semiconductor Corp)

Option to Expand. On 1.01 Subject to the terms and conditions hereinafter set forth, and provided that if the same is exercised on or before expiration after February 10, 1999 Tenant has theretofore waived its termination option set forth in Addendum 4 hereto or the same has expired by lapse of the sixth (6th) month of the termtime, Tenant shall be required have an option to lease additional premises in the Building constituting 7,077 rentable square feet as outlined on Exhibit A attached hereto (the "Expansion Premises"), for a term commencing as set forth below. 1.02 Tenant must exercise its expansion option, if at all, by notice to Landlord given no later than one hundred twenty (120) days prior to the Expansion Premises Commencement Date (as hereinafter defined), time being of the essence. If not timely exercised, the Tenant's expansion shall terminate and Tenant shall have no further right to lease the remainder 3,942 Expansion Premises pursuant to this Section. 1.03 The term of the lease of Expansion Premises shall commence on the date specified in Tenant's Notice of Exercise pursuant to Section 1.02 above (which must be at least 120 days following the date of Tenant's notice and prior to the Expiration Date) (the "Expansion Premises Commencement Date"). 1.04 If Tenant has validly exercised its option to lease the Expansion Premises, then effective as of the Expansion Premises Commencement Date, the Expansion Premises shall be included in the Premises, subject to all the terms, conditions and provisions of this Lease, except as follows: (a) the Rentable Area of the Premises shall be increased by the Rentable Area of the Expansion Premises (which shall be deemed to be 7,077 square feet) (i.e., subject to the addition of any First Offer Space [as defined in Addendum 3], the total Rentable Area of the Premises will be 21,293); (b) Tenant's Proportionate Share shall be increased by the percentage obtained by dividing the Rentable Area of the Expansion Premises by the Rentable Area of the Building (i.e., subject to the addition of any First Offer Space, Tenant's Proportionate Share shall be 44.3%); (c) the term of the demise covering the Expansion Premises shall commence on the Expansion Premises Commencement Date and shall expire simultaneously with the expiration or earlier termination for the Term, including any extension or renewal thereof; (d) the Expansion Premises shall be rented in "as is" condition as of the Expansion Premises Commencement Date; (e) the Base Rental Rate per square foot of the Rentable Area of the Expansion Premises shall be equal to the product of the number of rentable square feet of Rentable Space on Area of the third Expansion Premises, multiplied by the Rental Rate set forth in Section 2.07 of the Lease from time to time; and (3rdf) floor, at the same rental rate then being paid for Improvements Rental Rate per square foot of the initial Premises. In addition, Tenant will have Rentable Area of the right Expansion Premises shall be equal to expand during the first 6 months by leasing product of the approximately 15,165 number of rentable square feet of Rentable Area of the Expansion Premises, multiplied by the Rental Space Rate set forth in Section 2.08 of the Lease from time to time. 1.05 Tenant may only exercise its option to lease the Expansion Premises, and an exercise thereof shall only be effective, if at the time of Tenant's exercise and on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached to Expansion Premises Commencement Date, this Lease is in full force and effect and Tenant is not in default under 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 inasmuch named in this Lease) the entire Premises are occupied by delivering written notice to Landlordthe original Tenant named herein, provided that at and Tenant has not assigned this lease or sublet all or any portion of the time Premises. Without limitation of such notice and on the Effective Dateforegoing, no event sublessee or assignee shall be entitled to exercise the option and no exercise of default, as defined in Paragraph 25 the option by the original Tenant named herein shall be effective if Tenant assigns this lease or subleases all or part 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything the Premises prior to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered SpaceExpansion Premises Commencement Date.

Appears in 1 contract

Sources: Lease Agreement (Vital Images Inc)

Option to Expand. On or before expiration Tenant shall have the option (the "Expansion Option"), but not the obligation, to lease all or, subject to the requirements set forth below, one-half (1/2) of the sixth (6th) month Net Rentable Area of the termExpansion Space (reduced by any portion of the Expansion Space leased by Tenant pursuant to its First Refusal Right) upon and subject to the following terms and conditions: (a) If, at the time of exercise of such Expansion Option, a portion of the Expansion Space which Tenant desires to lease is leased to one or more other tenants (collectively, the "Adjacent Tenant"), Tenant shall be required entitled to lease exercise such Expansion Option only if Landlord successfully negotiates and executes a satisfactory relocation agreement with the remainder 3,942 square feet Adjacent Tenant to relocate such Adjacent Tenant to another suite in the Building which is substantially similar in size to the portion of Rentable the Expansion Space on occupied by the third (3rd) floorAdjacent Tenant. If Landlord is not able to negotiate and execute a satisfactory relocation agreement with the Adjacent Tenant, then Tenant shall not be entitled to exercise the Expansion Option unless, at that time, Landlord has the same rental rate then being paid for right to terminate its lease with the initial PremisesAdjacent Tenant as described in Paragraph 34(i) below. 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 if at the same rental rate then being paid time of exercise of such Expansion Option any portion of the Expansion Space is leased to an Adjacent Tenant, Tenant shall not be entitled to exercise the Expansion Option in a manner which will require Landlord to relocate such Adjacent Tenant or to terminate its lease with such Adjacent Tenant unless Tenant exercises such Expansion Option as to all of the initial Premises; providedExpansion Space. (b) Tenant shall not be entitled to exercise the Expansion Option if, howeverat the time of exercise of such Expansion Option, there exists an uncured Event of Default by Tenant under this Lease. (c) Tenant may exercise the Expansion Option by giving written notice of its election to exercise the Expansion Option to 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 at any time before the expiration of the sixth Expansion Option; provided that Tenant must exercise the Expansion Option so that the "Expansion Space Commencement Date" (6as hereinafter defined) month and commencement for the Expansion Space will occur on or before the end of the ninth fifth (9th5th) month following commencement Lease Year. Tenant shall give written notice to Landlord of its exercise 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 Expansion Option at least nine (9) months following commencement prior to the expected Expansion Space Commencement Date (to give Landlord time to attempt to relocate the Adjacent Tenant, if any, or to exercise its right to terminate the lease of the LeaseAdjacent Tenant, 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 Spaceif any). Tenant shall have no right to exercise the option to lease Expansion Option at then current market rental rates any additional space a time which is available will result in 5,000 rsf increments consisting the Expansion Space Commencement Date occurring after the end 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.)

Appears in 1 contract

Sources: Lease Agreement (Synquest Inc)

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 the following parcels within the Building, upon the same terms and conditions, including rental rates any additional space which is available in 5,000 rsf increments rate, that apply to the Premises: (a) Suite 1426 on the 14th Floor, consisting of the area which is available approximately 6,595 square feet, and/or Suite 1410 on the second 14th Floor, consisting of approximately 3,463 square feet, or (2ndb) such parcel of space on the 13th Floor as shall be mutually approved by Landlord and fifth Tenant, or (5thc) floors designated and all rentable space on the 13th Floor, consisting of approximately 14,247 square feet (the "Option Space(s)"). Such space as to which Tenant exercises such option shall be referred to herein as the "Option Space." Such right must be exercised by Tenant in a writing delivered to Landlord (the "Option Notice"), and shall be subject to all of the following conditions: a. The Option Notice must be delivered to Landlord prior to the earlier of: (i) the ninetieth (90th) day after the Commencement Date, or (ii) the date upon which Landlord receives a Third Party Offer (as defined in Section 34 above) as to any of the Expansion Space”Space(s), at any time during and, b. The effective date for the lease term of the Option Space(s) shall be the earlier to occur of: (i) November 1, 1999, or (ii) the “Effective Date”) date upon which Tenant accepts possession of the Option Space(s), and, c. If Tenant shall have defaulted with respect to any of the terms and ending on conditions of the Lease, and such default is beyond the expiration of any applicable cure period as of the Lease Term (unless sooner terminated pursuant date Tenant exercises said option, then this paragraph shall be void and of no further force and effect, and, d. The right granted herein is personal to the terms of original Tenant executing 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding notwithstanding anything to the contrary in the Lease, the rights contained hereinin this paragraph are not assignable or transferable by such original Tenant, and, e. Landlord grants the rights contained in this paragraph in consideration of Tenant’s option 's strict compliance with the provisions hereof, including without limitation, the manner of timing and exercise of such right, and, f. Tenant shall be subject execute a lease amendment which adds the Option Space(s) to a determination by Landlordthe Premises not later than five (5) business days following its receipt thereof, in Landlord’s discretion, that Tenant’s financial condition at and, g. In the event Tenant does not deliver an Option Notice within the time it makes such election is sufficient period set forth in Section 35.a. above, or does not execute a lease amendment within the time period provided in Section 35.f. above, then all of Tenant's rights pursuant to meet its financial obligation associated with the Offered Spacethis paragraph shall lapse and forever terminate.

Appears in 1 contract

Sources: Office Building Lease (Cybergold Inc)

Option to Expand. On or before expiration Provided that Tenant is not then in default under any provision 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 to lease all of first refusal the space which is not then leased by Tenant on the ninth floor (comprising approximately 23,840 rentable square feet) of the Building (the "Option Space") in accordance with and subject to the provisions of this Section 2.5. Tenant shall deliver written notice to Landlord of its irrevocable commitment to lease the 4th Floor Expansion Space in at any time prior to June 1, 2000 (the event that "Expansion Commitment"). If Tenant fails to timely deliver the Expansion Commitment, Landlord receives an offer shall be free thereafter to lease the spaceOption Space to one or more third parties, and any such right of first refusal subject to Section 2.4 above. The Option Space shall be on the exact terms received and approved by Landlord from a third party offering subject 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 all 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 except that (i) subject to any Landlord's rights in the event of extension contained "Tenant Delays" as described in Exhibit X hereto, the term shall be coterminous with this LeaseLease commencing on the date Landlord has substantially completed the tenant improvements for the Option Space, which date shall be on the earliest possible date agreed to by Landlord and Tenant, but in no event later than August 31, 2001; (ii) the Basic Rent for the Option Space shall be at the prevailing market rental rate (including periodic adjustments) for comparable and similarly improved space within the Building and the adjacent building at 8105 ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ (▇▇e "8105 Building") as of the commencement of the Term of the Option Space, based on a reasonable extrapolation of leasing rates actually achieved in recent transactions in the Building and the 8105 Building and, if Tenant is not then being represented by delivering written notice a broker, giving greater weight to transactions in which no third party brokerage commission was paid; (iii) Landlord shall provide Tenant with five (5) employee parking spaces for every one thousand (1,000) usable square feet of the Option Space, which allotment shall include a limited number of reserved spaces equal to one (1) reserved stall for every four thousand (4,000) usable square feet of the Option Space; and (iv) Landlord shall cause to be constructed tenant improvements for the Expansion Space consistent with those provided for the initial Premises pursuant to Exhibit X hereto, which improvements shall be completed in accordance with a space plan approved by the parties. Landlord agrees that in the event the tenant improvement work requested by Tenant for the Expansion Space exceeds the amount of the Landlord's tenant improvement contribution therefor, then Landlord shall, at Tenant's request, submit the tenant improvement work for the Expansion Space to a competitive bidding process involving Landlord-approved contractors. Landlord further agrees that should the Expansion Space comprise the entire rentable area of the ninth floor, then as part of the approved tenant improvement work, Tenant shall have the right to remove the existing corridor space and to convert such space to usable office space, provided that at the time of such notice reconfiguration is in compliance with all building codes and on the Effective Date, no event of default, as defined in Paragraph 25 of this Lease, shall have occurred other legal requirements and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option, provided further that Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination required by Landlord, in concurrently with Landlord’s discretion's approval of Tenant's final construction drawings, that Tenant’s financial to restore the corridor to a Building standard condition at the time it makes such election is sufficient end of the Term. Should the parties be unable to meet agree upon the rental rate for the Option Space within thirty (30) days following delivery of the Expansion Commitment, then either party may cause the rate to be determined by arbitration pursuant to Section 14.7(b). Tenant understands and agrees that Landlord's obligation to deliver certain suites on the ninth floor of the Building shall be contingent upon Landlord's ability to relocate the existing tenants thereof at a reasonable cost (which cost shall be funded by Tenant); should Landlord be unable to do so despite its financial obligation associated good faith efforts, then Landlord shall so notify Tenant and the Option Space shall be deemed to exclude those applicable suites. Upon Tenant's exercise of its rights under this Section 2.5 and the determination of the final economic terms for Tenant's lease of the Option Space, Landlord shall prepare an appropriate amendment to this Lease respecting same and Tenant shall execute and deliver the amendment to Landlord within ten (10) days after receipt. Tenant's rights under this Section 2.5 shall belong solely to Quest Software, Inc., a California corporation, and may not otherwise be assigned or transferred except in connection with the Offered Spacean assignment of this Lease to a Tenant Affiliate. Any other attempted assignment or transfer shall be void and of no force or effect.

Appears in 1 contract

Sources: Office Space Lease (Quest Software Inc)

Option to Expand. On or before expiration 15.1 Sublandlord hereby grants to Subtenant one option (the "Option to Expand") to expand the Subleased Premises to include the Expansion Space, but only in strict accordance with the terms and conditions of this Section 15. The Option to Expand must be exercised by written notice to Sublandlord no later than July 1, 2004, and if not exercised as of July 1, 2004, shall expire and terminate. 15.2 If Subtenant timely exercises the Option to Expand, Subtenant shall sublease from Sublandlord, and Sublandlord shall sublease to Subtenant, commencing as of January 1, 2005, the Expansion Space, and from and after January 1, 2005, any references in this Sublease to the Subleased Premises shall include the Expansion Space. Subtenant's subleasing of the sixth (6th) month of the term, Tenant Expansion Space shall be required on the same terms and conditions as set forth in this Sublease, except that (a) the Base Rent shall be increased to lease take into account the remainder 3,942 additional rentable square feet of Rentable Space on in the third (3rd) floorExpansion Space, at the same rental rate then being paid per square foot which applies to the original Subleased Premises as set forth in Section 3.1 below, (b) the Subtenant's Percentage Share shall for the initial Premises. In additionExpansion Space shall be 2.55% in accordance with Section 3.2(e)(6) hereof, Tenant will have and (c) 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 Deposit shall be increased by twenty-five cents (.25¢) per square footas provided in Section 4.2. Notwithstanding any other provision of this Sublease or the Master Lease, Sublandlord shall deliver, and Tenant Subtenant shall accept, the Expansion Space as-is, as of the date that Sublandlord delivers the Expansion Space to Subtenant, and Sublandlord shall have no obligation to make any improvements dollars will decline on a pro rata basis based to the Expansion Space. If Sublandlord is unable to deliver the Expansion Space as of the date provided above, Sublandlord shall have no liability therefor, except that Subtenant shall have no liability to pay any rent on the remaining length Expansion Space until it is delivered to Subtenant. Sublandlord agrees to use commercially reasonable efforts to deliver the Expansion Space to Subtenant on January 1, 2005. 15.3 If Subtenant exercises the Option to Expand, Sublandlord shall prepare an amendment to this Sublease to reflect the addition of the term. If Expansion Space, the Tenant does not elect to lease increased in Subtenant's Percentage Share, the fourth (4th) floor space during increased rent, 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 spaceincreased Security Deposit, and any such right of first refusal shall be on the exact terms received and approved other matter reasonably required 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 Sublease. 15.4 In the event that at Subtenant defaults hereunder (after the time of such applicable 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 ), or if Subtenant fails to pay Base Rent or Additional Rent when due under this Sublease more than twice during any calendar year of the Term (even if Subtenant timely cures such default), then the Option to Expand shall automatically terminate, whereupon no exercise an expansion option, Tenant may not thereafter revoke such exercise. Tenant’s failure of the Option to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option Expand shall be subject to a determination of any force or effect, unless such termination is waived in writing by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered SpaceSublandlord.

Appears in 1 contract

Sources: Sublease Agreement (Cutter & Buck Inc)

Option to Expand. On or before expiration of the sixth (6tha) 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 Provided that at the time of such exercise, (i) Subtenant is not in default hereunder and (ii) this Sublease is then in full force and effect, Subtenant shall have the right and option (the “Option”) to expand into a portion of the first (1st) floor of the Building identified on Exhibit C attached hereto (the “Expansion Space”) as of a date (the “Expansion Date”) upon which Landlord substantially completes the work necessary to separately demise the Expansion Space (the “Expansion Work”). Landlord shall use reasonable efforts, subject to force majeure and matters beyond Landlord’s reasonable control, to substantially complete the Expansion Work within sixty (60) days after receipt of written notice from Subtenant exercising the Option. Landlord shall consult reasonably with Subtenant with respect to the cost and on performance of the Effective DateExpansion Work, no event of defaultand Subtenant shall reimburse Landlord, as defined in Paragraph 25 additional rent, for the out-of-pocket cost of the Expansion Work within fifteen (15) days of written demand therefor. Landlord and Subtenant agree that the Expansion Space consists of 3,859 rentable square feet of space. If Subtenant exercises the Option, then upon the Expansion Date (A) the Expansion Space shall be automatically incorporated into the Subleased Premises upon all of the terms and conditions of this LeaseSublease, (B) the Yearly Rent shall be increased by the product of the rentable square footage of the Expansion Space multiplied by the per square foot Yearly Rent, (C) Subtenant’s Building Share and Subtenant’s Utility Share shall be modified to be 67.7% and (D) Subtenant shall thereafter pay to Landlord, as part of the Utility Charges, 24.2% of the cost of electricity for the first floor of the Building. Subject to completion of the Expansion Work, Subtenant shall accept the Expansion Space in “as is” condition, without representation or warranty, and Landlord shall have occurred and remain uncured beyond no obligation to perform any applicable cure period. Once Tenant shall exercise an expansion optionwork therein, Tenant may not thereafter revoke such exercise. Tenant’s failure or to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything contribute to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spacecost of any work.

Appears in 1 contract

Sources: Sublease (Panacos Pharmaceuticals, Inc.)

Option to Expand. On (a) If any or before expiration all of the sixth (6th) month of the term, Tenant shall be required to lease the remainder 3,942 remaining 34,224 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 space 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 Building (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”) becomes available and is not going to be used by Sublandlord for its own purposes, at any time during Sublandlord shall be required to notify Subtenant in writing (“Sublandlord’s Notice”) of Sublandlord’s intention to sublease the lease term Expansion Space. Sublandlord’s Notice shall specify the size and location of the Expansion Space. Provided that Subtenant is not then in default under this Sublease and subject to the first refusal, renewal, and expansion rights of ▇▇▇▇▇▇ Half International, Inc., Subtenant shall have seven business (7) days after Subtenant’s receipt of Sublandlord’s Notice to provide Sublandlord with written notice of Subtenant’s desire to sublet such space (the “Effective DateExpansion Space Notice”) under the same terms and ending on conditions as this Sublease, except that the rent shall be at the then prevailing fair market value. If Subtenant fails to deliver the Expansion Space Notice as herein provided, then Subtenant’s Option to Expand shall become null and void. Should Subtenant exercise its Option to Expand as set forth herein, the expiration date of such amendment shall be co-terminus with the Expiration Date hereof. The “prevailing fair market value” shall mean the fair market rental rate under direct leases and subleases (taking into consideration size, location, condition, amenities and market concessions) for comparable office space in the vicinity of the Lease Term Building. (unless sooner terminated pursuant b) Within ten (10) business days after receiving the Expansion Space Notice, Sublandlord shall notify Subtenant of Sublandlord’s determination of prevailing fair market value for the Expansion Space. If Subtenant does not agree with Sublandlord’s determination of prevailing fair market value, Subtenant shall give notice to Sublandlord of disagreement (the terms “Rejection Notice”) within fifteen (15) business days after receipt of this Leasethat determination from Sublandlord, and subject Sublandlord and Subtenant shall commence negotiations to any rights agree upon the prevailing fair market value. If Sublandlord and Subtenant are unable to reach agreement within fifteen (15) business days after Sublandlord’s receipt of extension contained in this Lease) by delivering Rejection Notice, Subtenant shall provide written notice to LandlordSublandlord (the “Arbitration Notice”) within five (5) business days after expiration of said 15 business day period, provided that at either (i) rescinding the time Expansion Space Notice, in which event Subtenant shall have no further option to expand the Subleased Premises, or (ii) advising Sublandlord of Subtenant’s desire to proceed to a final determination of prevailing fair market value, in which event the prevailing fair market value shall be determined in accordance with paragraph 23(c) below. (c) Within ten (10) business days after Sublandlord’s receipt of the Arbitration Notice, Sublandlord and Subtenant shall each simultaneously submit to the other in a sealed envelope its good faith estimate of the prevailing fair market value. If the higher of such notice estimates is not more than one hundred five percent (105%) of the lower, then the prevailing fair market value shall be the average of the two. Otherwise, the dispute shall be resolved by arbitration as follows: Within ten (10) business days after the exchange of estimates, the parties shall select as an arbitrator an independent MAI appraiser with at least ten (10) years of experience in appraising office space in the metropolitan area in which the Building is located (the “Arbitrator”). The Arbitrator shall select either Sublandlord’s proposed “prevailing fair market value” or Subtenant’s proposed “prevailing fair market value”. Such determination shall be limited solely to the issue of whether Sublandlord’s proposed “prevailing fair market value” or Subtenant’s “prevailing fair market value” is closest to the Arbitrator’s determination of the correct amount under submission, and on the Effective DateArbitrator shall have no power to propose a middle ground or to modify either of the two proposals. The Arbitrator shall notify Sublandlord and Subtenant of its decision, no event which shall be final and binding. If the Arbitrator believes that expert advice would materially assist him, the Arbitrator may retain one or more qualified persons to provide expert advice. The fees of defaultthe Arbitrator and the expenses of the Arbitration proceeding, as defined in Paragraph 25 including the fees of this Leaseany expert witnesses retained by the Arbitrator, shall have occurred be paid by the party whose estimate is not selected. Each party shall pay the fees of its respective counsel and remain uncured beyond the fees of 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination witness called by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spaceparty.

Appears in 1 contract

Sources: Sublease (Ellie Mae Inc)

Option to Expand. On or before expiration If Tenant requires additional space during the Extended Term, Tenant shall give Landlord not less than three (3) months prior notice to such effect (the “Expansion Notice”). If contiguous space on the 21st Floor of the sixth Building (6ththe “Expansion Space”) month is then vacant and available for lease or will be vacant and available for lease at the time the term as to such additional space would commence, then Landlord shall give Tenant notice of the availability of the Expansion Space (the “Offer Notice”) and the terms (including rent, tenant improvement allowance, if any, and any other concessions Landlord is then offering prospective tenants for similar lease terms) on which Landlord is willing to lease the Expansion Space to Tenant for a term which expires on the Extended Termination Date which in no event shall be less than thirty-six (36) months. If there will be less than thirty-six (36) months remaining in the Extended Term for the Expansion Space the Option to Expand shall be void. The commencement date as to the Expansion Space shall be three (3) months after Tenant gives the Expansion Notice to Landlord or after Landlord delivers the Expansion Space to Tenant, whichever is later. To exercise its expansion right, Tenant must within ten (10) days after receipt of the Offer Notice give Landlord notice of its acceptance of Landlord’s offer to lease the Expansion Space to Tenant (the “Acceptance Notice”). If Tenant gives the Acceptance Notice to Landlord within such ten (10) day period, then the Expansion Space shall be added to the Premises as of the commencement date as to the Expansion Space, the Fixed Rent shall be increased by an amount equal to the rent for the Expansion Space set forth in the Offer Notice, and Tenant’s Share shall be appropriately adjusted. Landlord shall deliver possession of the Expansion Space to Tenant in its “AS IS” condition. If at the time Tenant gives Landlord an Expansion Notice Landlord is engaged in ongoing negotiations with one or more prospective tenants to lease all or any part of the Expansion Space, then Landlord shall give notice to such effect to Tenant and Tenant may elect to either: (a) give Landlord a period of ninety (90) days from the date Tenant gives Landlord such Expansion Notice to complete such negotiations, or (b) if Landlord has made a Letter of Intent to one or more prospective tenants for space that includes all or any part of the Expansion Space (the “Third Party Premises”) and sets forth the term, rental rate, tenant improvements or tenant improvement allowance and other material economic terms of the proposed lease (the “Third Party Terms), then Tenant may elect to lease the Third Party Premises on the Third Party Terms by giving notice to such effect (the “Third Party Terms Acceptance Notice”) within two (2) business days of the date on which Landlord gives notice of the Third Party Terms to Tenant. If Landlord has made a Letter of Intent to more than one such prospective tenant, then Landlord may select the Third Party Terms most favorable to Landlord as determined by Landlord in its sole discretion, and such Third Party Terms shall be set forth in Landlord’s notice of the Third Party Terms to Tenant. Tenant acknowledges that the term as to the Third Party Premises may extend beyond the Expiration Date and that the Third Party Premises may include space in addition to the Expansion Space, and in which case Tenant shall be required to lease the remainder 3,942 square feet entire Third Party Premises that includes space in addition to the Expansion Space. If such negotiations do not result in a fully executed lease with one of Rentable such prospective tenants within such ninety (90) day period, then the Expansion Notice shall become effective in accordance with its original terms, except that the Expansion Space Commencement Date set forth in the Expansion Notice shall be postponed by ninety (90) days. Landlord shall have the unrestricted right to lease all space on the third (3rd) floor, 21st Floor of the Building unless and until Tenant gives Landlord an Expansion Notice 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, which time 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 shall cease further efforts to lease the 4th Floor Expansion 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 described in the event that Landlord receives an offer to lease the spaceExpansion Notice, 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 except 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 otherwise provided 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered SpaceSection.

Appears in 1 contract

Sources: Lease (Marchex Inc)

Option to Expand. On Provided that (i) Tenant has not been in Default beyond any applicable cure periods at any time during the Lease Term, (ii) the creditworthiness of Tenant is materially the same as or before expiration better than on the Commencement Date, (iii) Tenant named herein remains in possession of and has been continuously operating in substantially the entire Leased Premises throughout the Lease Term and (iv) the current use of the sixth (6th) month of Leased Premises is consistent with 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 footPermitted Use hereunder, and Tenant improvements dollars will decline on a pro rata basis based on subject to the remaining length availability 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 expand the Leased Premises into a space which is available in 5,000 rsf increments consisting containing a minimum of one hundred twenty-five percent (125%) time the rentable square feet of the area which is available on the second Leased Premises (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”), at any time located in another building within the Park which is owned by Landlord. In the event Tenant elects to exercise its Expansion Option, Landlord and Tenant hereby agree that (A) Tenant shall provide Landlord with ninety (90) days written notice of its desire to expand; and (B) if said Expansion Space is available for lease to Tenant, (I) the term for the Expansion Space shall be for a minimum of five (5) years, and (II) the Minimum Rent for the Expansion Space shall be equal to the rate which is then being quoted by Landlord to prospective new tenants for the Expansion Space; provided, however, Tenant’s minimum annual rent per square foot for the Expansion Space shall not be less than the highest Minimum Annual Rent per square foot payable during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to for the Leased Premises. Landlord and Tenant shall execute a new lease incorporating the terms provided above, which new lease shall provide for the termination 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. Lease upon Tenant’s failure occupancy of the Expansion Space. In the event Landlord notifies Tenant that the Expansion Space is not available for lease to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s sole discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spacethis Expansion Option shall thereafter be null and void and this Lease shall remain in full force and effect.

Appears in 1 contract

Sources: Lease Agreement (Wells Real Estate Fund Xiv Lp)

Option to Expand. On or before expiration Lessor hereby represents and warrants that (i) it is the landlord under the lease for the premises consisting of the sixth (6th) month of the term, Tenant shall be required to lease the remainder 3,942 approximately 14,700 square feet of Rentable space ("Expansion Space"), located in a building known as 100 ▇▇▇▇▇▇▇▇ ▇▇▇, Los Gatos, California, and more particularly described on Exhibit A hereto, (ii) the expiration date of the lease of Expansion Space is August 31, 1997, and (iii) the Expansion Space Lease does not contain any extension or renewal right and Lessor agrees not to extend or renew said lease provided Lessee has given notice of its intent to exercise its Option to Expand. Lessor hereby grants to Lessee the option to expand the Premises under this Lease to include Expansion Space, which option may be exercised in Lessee's sole discretion. Lessee may exercise said option to expand the Premises as follows: (a) Provided Lessee does not receive a notice as set forth in Section 36(b) below, Lessee may exercise its option to expand the Premises by giving Lessor written notice of its' intention to exercise the option no later than December 31, 1996. If Lessee delivers such a notice, Lessee agrees to provide Lessor with a final space plan for the Expansion Space (to be attached as Exhibit D) no later than February 1, 1997. If Lessee has exercised its option to lease Expansion Space under this Section 35(a) the Premises under this Lease shall expand to include Expansion 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 date (the “4th Floor Space”"Expansion Space Effective Date") as identified which is the later of October 15, 1997, and the date by which all of the following have occurred: (1) Lessor has substantially completed the improvements set forth on Exhibit “B-1” attached to this Lease and incorporated herein by reference at the same rental rate then being paid E 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 accordance with the terms of this Lease, and subject Lease (the "Improvements"); (ii) there remains no incomplete or defective item of improvements that would adversely affect Lessee's intended use of the Expansion Space (iii) Lessor has delivered legal possession of the Expansion Space 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.Lessee; and

Appears in 1 contract

Sources: Assignment and Assumption of Lease (Brooktrout Technology Inc)

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 Commencing on the third Sublease Commencement Date and for a period of eight (3rd) floor8) months thereafter, at the same rental rate then being paid for the initial Premises. In addition, Tenant will Subtenant shall have the right to exercise an option ("Expansion Option") to expand during into the first 6 months balance of the 9th floor of the Building ("Expansion Space") by leasing providing written notice to Sublandlord. If Subtenant timely exercises its Expansion Option, then the approximately 15,165 square feet balance of Rental Space on the fourth 9th floor of the Building shall be added to the Subleased Premises effective 120 days from the effective date of Subtenant's notice (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached "Expansion Effective Date"). The parties will promptly sign an amendment to this Lease Sublease adding the Expansion Space to the Subleased Premises as of the Expansion Effective Date. Subtenant's sublease of the Expansion Space will be co-terminous with its sublease of the initial Subleased Premises. The amendment will provide for the Expansion Space to be included as part of the Subleased Premises and incorporated herein by reference all terms and conditions of this Sublease will apply to the Expansion Space, except that (a) the Subtenant Improvement Allowance for the Expansion Space will be a prorated portion of the Subtenant Improvement Allowance provided pursuant to Section 6.1 below stated on a per square foot basis, based upon the total number of months that the Expansion Space will be a part of the Subleased Premises as compared to the total number of months of the Sublease Term, and (b) there will be no abatements in Base Rent for past time periods. The following example is for purposes of clarification of the manner in which the Subtenant Improvement Allowance will be calculated for the Expansion Space: Assuming that the Expansion Space is 4,000 Square Feet of Rentable Area and that it becomes a part of the Subleased Premises 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) 8th month following commencement of the LeaseSublease Term, and assuming that the rental rate shall be increased by twenty-five cents (.25¢) Sublease Term is 93 months, then the total available allowance stated on a per square foot, and Tenant improvements dollars will decline on a pro rata foot 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 would 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 86/93 times $58.50 (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 Subtenant Improvement Allowance stated 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered SpaceSection 6.1).

Appears in 1 contract

Sources: Sublease Agreement (Blue Nile Inc)

Option to Expand. On or before expiration Provided this Lease is in full force and effect and so long as Tenant is not in default under any of the sixth (6th) month terms and conditions 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 beyond applicable notice and incorporated herein by reference at the same rental rate then being paid in the initial Premises; providedcure periods, 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 commencing upon the expiration of the sixth (6) month existing tenant's lease and commencement the vacation of the ninth space by the existing tenant (9th) month following commencement of the Leasepresently scheduled for November 30, the rental rate shall be increased by twenty-five cents (.25¢) per square foot2003), 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 the space which is available in 5,000 rsf increments consisting of containing approximately 5,490 rentable square feet (including the area which is available common lobby and stairwell) and located on the second (2nd) and fifth (5th) floors designated and referred to floor of the building as described in Exhibit "X"and as shown on the “Expansion Space”, at any time during the lease term plan attached hereto as Exhibit "X-1" (the “Effective Date”"expansion space") subject to the following terms and ending on conditions: (a) Landlord shall notify Tenant in writing of the expiration date the expansion space will be available. Tenant shall have ten (10) days after Landlord's notice to notify Landlord in writing of its election to expand into the expansion space. The demised term of the Lease Term for the expansion space shall commence on completion of Tenant Improvements as described hereinbelow and shall expire on the same date as the demised term for the original demised premises (unless sooner terminated subject to Tenant's option to extend the term for both the original demised premises and the expansion space); (b) From and after completion of the Tenant Improvements and delivery of possession of the expansion space to Tenant, the expansion space shall be added to the demised premises leased by Tenant hereunder; (c) The base rent for the expansion space shall commence on the date Landlord completes the Tenant Improvements and delivers the expansion space to Tenant and shall be at the rental rate of $1.00 per square foot per month (i.e., $5,490.00 per month), and shall be increased on the same dates as the scheduled rent increases for the original demised premises by the amount of three percent (3%) annually, and all items of additional rent which are calculated based on the square footage of the demised premises shall be adjusted accordingly to include the rentable square footage of the expansion space; (d) Landlord shall perform Tenant Improvements to the expansion space pursuant to the terms provisions of Section 3.1. of this LeaseLease and as follows: (i) the Tenant Allowance shall be the amount of Sixty Five Thousand Eight Hundred Eighty Dollars ($65,880.00) or the actual cost of the Tenant Improvements for the expansion area, whichever is less; (ii) the Plans for the Tenant Improvements shall be prepared by the Architect and subject delivered to any rights Landlord within fifteen (15) days of extension contained Tenant's notice exercising the option to expand. The Plans shall be reasonably approved by Landlord and Tenant within fifteen (15) days thereafter. Any delay shall be deducted, on a day for day basis, from the commencement date of the demised term for the expansion space, unless such delay is the result of Landlord unreasonably withholding its consent to the Plans; (iii) the reference to $25,000.00 in this Lease) by delivering written notice the first paragraph of Section 3.1. shall, with respect to Landlordthe expansion space, 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 reason whatsoever shall conclusively be deemed a waiver to be Ten Thousand Dollars ($10,000.00); and (iv) the other provisions of such expansion optionSection 3.1. Notwithstanding anything regarding contractors, construction and costs shall apply also to the contrary contained herein, Tenant’s expansion space; (e) If Tenant exercises its option to lease the expansion space the parties shall be subject promptly thereafter execute an amendment to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at this Lease to add the time it makes such election is sufficient expansion space to meet its financial obligation associated with the Offered Spacedemised premises under the terms and conditions hereof.

Appears in 1 contract

Sources: Lease (Xtent Inc)

Option to Expand. On or before expiration Provided Tenant is not then in default hereunder, Landlord hereby grants Tenant an option to lease, for a term equal to the then unexpired portion of the sixth Term of this Lease, approximately nine thousand (6th9,000) month rentable square feet of space on the second floor of the termBuilding in the location designated on Exhibit A-1 hereto (the "Option Space") in accordance with and subject to the provisions of this Section 2.4; provided, however, that Landlord may upon notice to Tenant at any time designate a different location on the second floor for the Option Space. Tenant shall be required exercise said option by providing Landlord with written notice of its intent to lease the remainder 3,942 square feet Option Space (the "Commitment Notice") not later than the expiration of Rentable Space on the third (3rd) floorLease month following the Commencement Date ("Option Expiration Date"). If Tenant fails to timely deliver the Commitment Notice, Landlord shall be free to lease the Option Space to a third party, subject only to the provisions of Section 2.5 below. If Tenant timely delivers the Commitment Notice, Landlord shall prepare an appropriate and commercially reasonable amendment to this Lease consistent with the terms of this Section 2.4 and the other provisions of this Lease, and Tenant shall execute and deliver the amendment to Landlord within twenty (20) days of its receipt from Landlord. Should Tenant fail to deliver the amendment to Landlord within that time, Landlord shall, in addition to any right or remedy available at the same rental rate then being paid for the initial Premises. In addition, Tenant will have law or in equity (exclusive of 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 terminate 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 dateLease), but if Tenant elects be free to lease the 4th Floor Option Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate to a third party. The Option Space 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 subject to all 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 except that (i) subject to any Landlord's rights in the event of extension contained in this Lease"Tenant Delays" as described herein, the term shall commence on the date Landlord has substantially completed the tenant improvements for the Option Space (the "Commencement Date for the Option Space"); (ii) by delivering written notice to Landlordfrom and after the Commencement Date for the Option Space, provided that the Basic Rent for the Option Space shall be at the same rate per rentable square foot per month that Tenant is then paying from time to time for the original Premises leased hereunder; and (iii) the tenant improvements for the Option Space shall be completed in accordance with the terms and conditions of such notice the "Work Letter" attached hereto as Exhibit X, except that the "Landlord's Contribution" set forth therein shall be based on Twenty-Five Dollars ($25.00) per usable square foot of the Option Space and on no "Additional Allowance" shall be provided. Tenant's rights under this Section 2.4 shall belong solely to the Effective Date, no event original Tenant and may not be assigned or transferred by it except in connection with an assignment of default, this Lease to a "Tenant Affiliate" (as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure periodbelow). 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option Any other attempted assignment or transfer shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spacevoid and of no force or effect.

Appears in 1 contract

Sources: Office Space Lease (Netratings Inc)

Option to Expand. On or before expiration Between the end of the sixth (6th) 60th month and the end of the 72nd month of the Lease term, Tenant Lessor shall be required to lease notify Lessee in writing of the remainder 3,942 location in the Office Complex of approximately 20,000 rentable square feet of Rentable Space space into which Lessee shall have an option to expand adjacent to the Premises and of an effective date for the expansion area (which effective date shall be approximately months after Lessor's notice), and such addition to the Premises shall be governed by the provisions of this Lease (including provisions relating to renewals), to the extent the same are not inconsistent with the following terms of this Article. In the event Lessee needs such additional expansion space in the Complex, Lessee shall notify Lessor on or before fifteen (15) days after Lessor's notice that Lessee exercises its expansion rights to such space designated by Lessor. In the event Lessee so notifies Lessor, Lessor shall deliver to Lessee an amendment of this Lease adding such additional space to the Premises demised hereunder, such space being added on the third effective date designated therefor in Lessor's notice, for the balance of the term of this Lease (3rdas the same may be extended pursuant to Article XXV ("Option to Extend") floorhereof. Additional annual Base Rent shall be payable for the additional area in the amount of said area multiplied by the then current (as of the effective date) fair market annual Base Rent (considering tenant improvements and duration of term) for such Premises payable monthly, in advance, at the rate of one-twelfth (1/12th) of said annual fair market Base Rent per month. The "percent" for Lessee's Pro Rata Share of Excess Operating Expenses for such additional space shall be a "percent" equal to the rentable area of the additional space and divided by the rentable office area of the Complex subject to adjustment as provided in Article II ("Additional Rent") hereof. Such change in the Base Rent and such percent shall be applicable from and after the effective date as to the additional area as designated by Lessor. All redecorating of each respective space shall be done after the effective date and shall be Lessee's responsibility. If any portion thereof has not been theretofore fitted up for occupancy, Lessor will install therein (at Lessor's sole cost and expense) Lessor's then building standard improvements. Lessee shall designate its layout for same rental rate then being paid so as not to delay occupancy of such space by the said effective date. Lessee shall execute and redeliver to Lessor the appropriate amendment of Lease promptly after receipt and so as to not delay any tenant improvements. The fair market Base Rent for such applicable space shall be determined in relation to comparable (in quality and location) office space located in the initial Premisesrelevant market area (considering tenant improvements and duration of term). In addition, Tenant will have The fair market Base Rent of the right additional space shall be determined as of the effective date of the expansion. If Lessor and Lessee fail to agree within thirty (30) days after exercise by Lessee of its rights to expand during the first 6 months by leasing Premises, upon the approximately 15,165 square feet of Rental Space on fair market Base Rent for such expansion area, 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 amount of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate fair market Base Rent for such area shall be increased determined by twenty-five cents appraisal in accordance with the provisions of Article XXXII (.25¢"Appraisal") per square foot, and Tenant improvements dollars will decline on a pro rata basis hereof. The fair market Base Rent shall be based on the remaining length assumption that the use of said expansion area shall be comparable to Lessee's then existing use of the term. If Premises and to the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement use of the Lease, Tenant shall have the right of first refusal to lease the 4th Floor Space other leasable area 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered SpaceComplex.

Appears in 1 contract

Sources: Lease Agreement (Syntellect Inc)

Option to Expand. On or before expiration The Premises consist of approximately 44,331 rentable square feet of floor area. The entire Building consists of approximately 58,064 rentable square feet. Subject to the conditions set forth herein, Landlord shall provide Tenant an option to expand the Premises to include contiguous space (the “Expansion Space”) up to and including the entire Building (the “Expansion Option”). The Expansion Option shall only be exercisable by notice delivered by Tenant to Landlord during the first eighteen (18) months of the sixth Initial Term. The following terms and conditions shall apply to the Expansion Option: A. Tenant shall give notice to Landlord of its election to exercise the Expansion Option (6th) “Tenant’s Expansion Notice”), identifying the square footage it desires for Expansion Space, at any time prior to the end of the 18th month of the termInitial Term. The parties shall work together to determine the configuration, exact square footage and location of the Expansion Space in order to assure that the remaining vacant space is in a configuration that is leasable to third parties in Landlord’s sole but reasonable determination and that the Expansion Space is useful to Tenant in Tenant’s sole but reasonable determination. B. Tenant’s right to give a Tenant’s Expansion Notice under this Expansion Option shall expire on the last day of the 18th month of the Initial Term and thereafter 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 no rights under this Lease and incorporated herein by reference at the same rental rate then being paid in the initial PremisesExpansion Option; provided, however, Landlord will continue Tenant shall retain its Right of Refusal to keep the 4th Floor Expansion Space available for lease to as hereafter set forth. C. If Tenant for one additional period of three (3) months (a total of nine months following timely exercises 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 LeaseExpansion Option, the rental rate respective Expansion Space shall be increased deemed added to the Premises, Landlord shall deliver the Expansion Space to Tenant, in the condition as required by twenty-five cents Section 8.1 and Section 18, above, within ten (.25¢10) per square footdays after the date of Tenant’s notice of exercise, subject to delays beyond Landlord’s reasonable control, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the termshall cooperate to meet such anticipated occupancy date. 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 The Expansion Space in the event that Landlord receives an offer to lease the space, and any such right of first refusal shall be on leased for a term coterminous with the exact terms received Term 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 upon the terms and conditions of this Lease, and except (i) Tenant’s obligations for the Expansion Space shall commence upon Landlord’s delivery of the Expansion Space, at the same per square foot rental rate then in effect for the Premises, subject to all subsequent per square foot rental rate escalation increases under the Lease on the same dates as for the Premises under the Lease; and (iii) the “Expansion Space TI Allowance” applicable to the Expansion Space shall be prorated by $15.00 per square foot of the Expansion Space over the then remaining Initial Term; (iv) the free rent period applicable to the Expansion Space shall be prorated by the amount of Rent abated during the Abated Rent Period over the then remaining Initial Term; provided, however, in no event shall Tenant be allowed to use any rights funds from the Expansion Space TI Allowance to pay for moving expenses into the Expansion Space nor shall Tenant have a right to payment of extension contained in this Lease) by delivering written notice or the right to amortize any excess costs of tenant improvements for the Expansion Space. All tenant improvements shall be subject to Landlord’s prior approval as set forth in the Lease. The parties shall execute an amendment to the Lease evidencing the addition of the Expansion Space. Upon the date the Expansion Space is delivered to Tenant, provided that Tenant’s Share shall be adjusted based on the new square feet of rentable floor area of the Premises, as expanded. D. Unless expressly waived by Landlord, Tenant’s right to exercise the Expansion Option is conditioned on: (i) Tenant not being in default at the time of such notice exercise or as of date the Expansion Space is added to the Lease; (ii) Tenant not having subleased or vacated more than 50% of the Premises or assigned its interest under the Lease (except to a Permitted Transferee) as of date the Expansion Space is added to the Lease; and on (iii) Tenant’s having the Effective Date, no event of defaultfinancial ability to perform its obligations for the Expansion Space and the then-existing Premises, 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 exercisereasonably determined by Landlord. Tenant’s failure rights pursuant to timely exercise this paragraph are personal and upon an expansion option for any reason whatsoever shall conclusively be deemed a waiver assignment of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject Lease (except to a determination by LandlordPermitted Transferee), in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election this Expansion Option is sufficient to meet its financial obligation associated with the Offered Spacenull and void.

Appears in 1 contract

Sources: Lease Agreement (Dot Hill Systems Corp)

Option to Expand. On or before expiration Pursuant to the Lease, as amended by this Amendment G, the Premises now consist of all of the sixth rentable space in the Building, excepting only the following space (6thcollectively, the “Remaining Space”): (a) month a portion of the term9th floor containing approximately 6,477 rentable square feet (the “Remaining 9th Floor Space”); (b) a portion of the 8th floor containing approximately 7,310 rentable square feet (the Remaining 8th Floor Space”); (c) a portion of the 2nd floor of the Building containing approximately 15,948 rentable square feet; and (d) the entire rentable space on the 3rd floor of the Building containing approximately 24,561 rentable square feet. As a result, all of the Tenant’s Option Space which is subject to Tenant’s expansion rights in Section 58 of the Original Lease (as previously amended by Amendments D, E and F) is now leased by Tenant, excepting only the Remaining 9th Floor Space and Remaining 8th Floor Space. Accordingly, Landlord and Tenant hereby further amend Section 58 of the Original Lease to redefine the number of expansion options and location of each Option Space as follows: (i) there is no longer a First Option Space or first expansion option. (ii) the second expansion option remains in effect, except that the Second Option Space shall now consist of both the Remaining 8th Floor Space and Remaining 9th Floor Space; and (iii) there shall be required no Third, Fourth or Fifth Option Space and no third, fourth or fifth expansion options if Tenant exercises its second expansion option 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 Second Option 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 exercise its 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. then the Third, Fourth and Fifth Option Space shall consist of, and Tenant’s failure third, fourth and fifth expansion options shall be applicable to, the Second Option Space not previously leased by Tenant pursuant to timely exercise an any preceding expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything or first right to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spacelease.

Appears in 1 contract

Sources: Lease Agreement (Wells Real Estate Investment Trust Inc)

Option to Expand. On If, during the Term or before expiration any Renewal Term, any space on the second floor of the sixth Building and adjacent to the Premises comes available (6th) month of the term“Expansion Space”), then Landlord shall offer Tenant shall be required the right to lease the remainder 3,942 square feet Expansion Space by sending to Tenant a written notice of Rentable Space on the third (3rd) floorspecific terms of an offer to lease, 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 including Base Rent (the “4th Floor SpaceOffered Rent”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at the same rental rate then being paid other terms covered in the initial Premises; providedsummary of Basic Lease Terms (as set forth in such notice, however, Landlord will continue to keep the 4th Floor “Expansion Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement dateTerms”), but if prior to offering to lease the Expansion Space to any other person or entity. (a) Tenant shall have five (5) business days after its receipt of Landlord’s notice to exercise its right to lease. If Tenant elects to lease the 4th Floor Expansion Space, Landlord and Tenant shall execute an amendment to this Lease, adding the Expansion Space between to the expiration Premises and otherwise incorporating the Expansion Space Terms, within ten (10) business days after acceptance of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Leaseproposal by Tenant, 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 termor as soon thereafter as reasonably possible. If the Tenant does not elect to lease the fourth accept such offer within said five (4th5) floor space during the initial nine business day period, or fails to enter into a Lease amendment within said ten (910) months following commencement of the Leasebusiness day period, Tenant shall have the right of first refusal to lease the 4th Floor Space in the event that then Landlord receives an may offer to lease the spaceExpansion Space to a third party, on the same terms and any conditions offered to Tenant. (b) If Landlord receives and desires to accept a third party offer to lease the Expansion Space for an amount less than ninety-eight percent (98%) of the Offered Rent, or if such offer is on terms materially more favorable to the lessee than those terms on which lease of the Expansion Space was initially offered to Tenant, then Landlord shall give Tenant notice of such terms and Tenant shall have an additional five (5) days after the receipt of said notice to exercise this right of first refusal refusal. If Tenant accepts such revised proposal, the parties shall be on the exact terms received and approved by Landlord from a third party offering execute an amendment 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, adding the Expansion Space to the Premises and subject otherwise incorporating the terms applicable to any rights of extension the Expansion Space that were contained in this Leasethe third party officer, within ten (10) business days after acceptance of the proposal by delivering written notice Tenant or as soon thereafter as reasonably possible. If Tenant fails to Landlordaccept such offer within the five (5) day period or to execute said Lease amendment within the ten (10) business day period, provided that at the time of such notice and on the Effective DateLandlord shall be free to continue negotiating with, 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything and/or to the contrary contained hereinlease the Expansion Space to, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spacethird party.

Appears in 1 contract

Sources: Lease Agreement (Eschelon Telecom Inc)

Option to Expand. On or before expiration So long as Tenant is not then in default of the sixth (6th) month of the termLease beyond any applicable cure periods, 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 a one-time option to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor Premises (the “4th Second Floor SpaceExpansion Option”) by adding approximately 2,072 rentable square feet located on the second floor of the Building as identified outlined on the attached Exhibit A-1 ((the B-1” attached Second Floor Expansion Option”), in accordance with the terms of this Section 29.17. If Tenant wishes to this Lease exercise the Second Floor Expansion Option, Tenant shall do so by giving Landlord written notice of its exercise of the Second Floor Expansion Option (the “Second Floor Expansion Notice”) no later than on June 30, 2006. If Tenant does not give Landlord a written notice exercising Tenant’s Second Floor Expansion Option, then the Option shall terminate and incorporated herein by reference shall be of no further force or effect. If Tenant gives Landlord written notice of is exercise of the Second Floor Expansion Option on or before June 30, 2006, then, effective on the earlier of (a) the date on which tenant improvements in the Second Floor Expansion Space are substantially completed or (b) September 1, 2006 (the “Second Floor Expansion Space Commencement Date”), the Second Floor Expansion Space shall be added to the Premises. The annual Base Rent for the Second Floor Expansion Space (the “Second Floor Expansion Space Base Rent”) shall equal the rate per square foot at the same rental rate then being paid time of the Second Floor Expansion Space Commencement Date, as set forth in the initial Premises; providedSummary of Fundamental Provisions, howeverItem #5 of this Lease, Landlord will continue to keep multiplied by 2,072, and the 4th Second Floor Expansion Space available for lease to Tenant for one additional period Base Rent shall increase as set forth in the Summary of three (3) months (a total of nine months following the commencement date)Fundamental Provisions, but if Tenant elects to lease the 4th Floor Space between the expiration Item #5 of the sixth Lease. The tenant improvement allowance to be provided by Landlord for the Second Floor Expansion Space shall equal $23.86 per rentable square foot. Effective on the Second Floor Expansion Space Commencement Date, the following shall occur: (6a) month and commencement the Second Floor Expansion Space shall be added to the Premises for the remainder of the ninth (9th) month following commencement Term of the Lease, (b) Base Rent for the rental rate Premises shall be increased by twenty-five cents (.25¢) per square footan amount equal to the Second Floor Base Rent determined as provided in this Section 29.17, and Tenant improvements dollars will decline on a pro rata basis (c) Tenant’s Proportionate Share of Operating Expenses shall increase proportionately based on the remaining length of increase the termsquare footage in the Premises. If Subject to the Tenant does not elect tenant improvement allowance to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Leasebe provided by Landlord and Landlord’s obligations regarding common areas described above in this Section 29.17, Tenant shall have the right of first refusal to lease the 4th Second Floor Expansion 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 its “as-is” condition as of the area which is available on the second (2nd) and fifth (5th) floors designated and referred to as the “Second Floor Expansion Space”, at any time during the lease term (the “Effective Space Commencement Date”) and ending on the expiration . The terms of the Lease Term (unless sooner terminated pursuant work agreement attached as Exhibit C to this Amendment shall apply to the terms improvements to the Second Floor Expansion Space and the use of such tenant improvement allowance as if the Second Floor Expansion Space were the original Premises leased under 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.

Appears in 1 contract

Sources: Office Lease Agreement (Mathstar Inc)

Option to Expand. On or before expiration (a) Provided that this Lease is in full force and effect and that no Default shall exist under this Lease (both at the time of the sixth (6th) month exercise of the termright(s) described in this Section 39 and on the date of entry into the agreement incorporating the Expansion Space), Tenant shall be required to lease the remainder 3,942 square feet of Rentable Space on the third (3rd) floorhave, 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 and is hereby granted an option (the “4th Floor SpaceOption to Expand”) 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 an additional 1,000-2,000 Rentable Area of the sixth Building for storage purposes only (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”). The Monthly Rent rate for the Expansion Space shall be twelve dollars ($12.00) per square foot of Rentable Area, and shall annually increase by $0.25 per square foot of Rentable Area. (b) The Option to Expand shall be exercised by Tenant, if at any time during the lease term all, by giving binding written notice (the “Effective DateROEO Notice”) thereof to Landlord. (c) Within a commercially reasonable time after receiving the ROEO Notice, Landlord shall furnish to Tenant a notice (the “Expansion Space Proposal”) containing the material terms of the proposed lease in respect of the applicable portions of the Expansion Space, including (i) location of the Expansion Space (ii) the proposed effective date of the lease for the Expansion Space, and ending (iii) any other material terms which Landlord shall deem appropriate. The Expansion Space shall be in a location as determined by Landlord, and shall not include any concessions, allowances or credits. (d) Tenant shall have the option, exercisable by notice delivered to Landlord within ten (10) business days after ▇▇▇▇▇▇’s receipt or refusal of receipt of Landlord’s Expansion Space Proposal, TIME BEING OF THE ESSENCE, to lease the Expansion Space upon such terms and conditions as are contained in the Expansion Space Proposal. If Tenant timely delivers to Landlord written notice of ▇▇▇▇▇▇’s exercise of the Option to Expand for the Expansion Space, then, within ten (10) business days thereafter, the parties shall enter into an amendment to this Lease incorporating the Expansion Space as part of the Premises on the expiration terms and conditions contained in the Expansion Space Proposal. If Tenant declines or fails to timely exercise its Right of Expansion, Landlord shall thereafter be free to lease the Lease Term (unless sooner terminated pursuant Expansion Space without regard to the terms of this Lease, and subject to any rights of extension restrictions contained in this Lease) by delivering written notice to Landlord, provided that at the time of such notice Section 39 and on the Effective Datesuch terms and conditions as Landlord may decide in its sole discretion. Tenant may, no event of defaulthowever, as defined give subsequent and additional ROEO Notices provided they are in Paragraph 25 of accordance with 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered SpaceSection 39.

Appears in 1 contract

Sources: Office Lease Agreement (Cambium Networks Corp)

Option to Expand. Landlord proposes to construct a second building, of similar type and quality, adjacent to the Building (the "Expansion Building"). Landlord agrees that it shall not commence construction on the Expansion Building prior to May 1, 1998, or to enter into any leases or other contracts related to the Expansion Building that are inconsistent with the rights granted to Tenant hereunder. Attached hereto as Exhibit D are plans and specifications for the Expansion Building, or, if no Exhibit D is attached, Landlord agrees that any plans and specifications for the Expansion Building are subject to Tenant's prior approval, which shall not be unreasonably withheld. In any event, Landlord agrees that the Expansion Building shall not contain more that 20,000 rentable square feet without the Tenant's prior written approval. On or before expiration May 1, 1998, Tenant may notify Landlord that it desires to lease all of the sixth space in the Expansion Building, in which event (6tha) month Landlord shall promptly commence and diligently pursue to completion the construction of the termExpansion Building, Tenant (b) the Expansion Building shall be required constructed in a location selected by Tenant, which location may be abutting the Building, and (c) upon substantial completion of the Expansion Building, this Lease shall be amended to lease include all of the remainder 3,942 rentable space in the Expansion Building, and all references in this Lease to the Demised Premises shall be deemed to include all of the rentable space in the Expansion Building, and all references in this Lease to the Building shall be deemed to include the Expansion Building, except that the base rent for space within the Expansion Building shall be calculated at a rate of $4.40 per square feet foot per year until the end of Rentable Space on the third (3rd) floor, at the same rental rate then being paid for the initial PremisesTerm of this Lease. In addition, Tenant will have (The base rent for space within 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 original Building shall be increased by twenty-five cents (.25¢) remain at$4.10 per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the term. foot per year.) If the Tenant does not elect deliver such notice to lease Landlord on or before May 1, 1998, Landlord shall nevertheless promptly commence and diligently pursue to completion the fourth (4th) floor space during the initial nine (9) months following commencement construction of the LeaseExpansion Building, but such Expansion Building need not about the Building. Tenant shall have the a right of first refusal (the "Refusal Option") to lease all or any portion of the Expansion Building that landlord from time to time intends to lease to third parties. Tenant's Refusal Option shall be continuous and shall apply as often and to every lease intended to be made by Landlord of the Expansion Building whether or not Tenant exercises or fails to exercise the Refusal Option as to the space in question. Landlord shall not lease any of the Expansion Building, or grant any superior rights in the Expansion Building, except subject to the provisions in this paragraph 44. Whenever and as often as Landlord will lease any of the Expansion Building to a third party, Landlord shall make such lease expressly contingent on the non-exercise by Tenant of its Refusal Option with respect thereto and shall offer such space to Tenant in writing (the "Notice"). The Notice shall identify the prospective tenant and include a copy of the executed letter of intent between Landlord and the prospective tenant. Tenant may, by giving written notice of such election to Landlord within ten days after receipt of any Notice, elect to exercise the Refusal Option to lease the 4th Floor Space space in question at the event that Landlord receives an offer to lease the space, base rental rate of $4.40 per square foot per year 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 all of the area which is available on the second (2nd) other terms 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 conditions of this Lease, and subject to any rights of extension contained in this Lease) by delivering written notice to Landlord, provided that at including without limitation the time of such notice and on the Effective Date, no event of default, as defined in Paragraph 25 Term of this Lease. If the Refusal Option is exercised with respect to any space in the Expansion Building, all references in this Lease to the Demised Premises 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 reason whatsoever shall conclusively be deemed a waiver to include all of the space in the Expansion Building affected by such expansion option. Notwithstanding anything exercise and all references in this Lease to the contrary contained herein, Tenant’s option Building shall be subject deemed to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at include the time it makes such election is sufficient to meet its financial obligation associated with the Offered SpaceExpansion Building.

Appears in 1 contract

Sources: Office/Warehouse and Manufacturing/Assembly Lease (Bio Vascular Inc)

Option to Expand. On or before expiration (a) From and after the Reconfigured Commencement Date, provided Tenant is not otherwise in default of the sixth (6th) month of the termLease, as amended by this First Amendment, beyond any applicable grace or notice period, Tenant shall be required have the ongoing First Right to Lease (the “First Right to Lease”) with respect to any space within the Building (any such space being referred to herein as the “Offer Space”). In the event of any offer acceptable to Landlord or to Landlord’s successor-in-interest, at any time or times during the original or extended Term hereof, for a lease of the Offer Space, Landlord, prior to acceptance thereof, shall provide the Tenant, with respect to each such offer, written notice thereof and a copy of said offer including all of the terms and conditions thereof; and Tenant shall have the option and First Right to Lease for a period of thirty (30) business days after receipt of such notice from Landlord within which to elect to lease the remainder 3,942 square feet of Rentable Offer Space on the third either (3rd) flooras Tenant, at its sole discretion, may select) of (A) the same rental rate terms and conditions of said offer or (B) the terms of the Lease (as may be amended) then being paid for the initial Premisesin effect. 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 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 LeaseOffer Space, 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 give 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 election within such thirty (30) business day period. Once Tenant shall exercise an expansion option, Tenant may not thereafter revoke such exercise. Tenant’s failure at any time to timely exercise an its option hereunder shall not affect the Lease, as modified by this First Amendment, and the continuance of Tenant’s rights and options under this Section 19. (b) In the event Tenant elects not to lease the Offer Space, Landlord may lease such space to a third party on substantially the same terms and conditions as those contained in the offer to Tenant. If Landlord desires to lease the Offer Space on terms and/or conditions substantially different from those contained in the offer, Landlord shall first offer the Offer Space on such different terms and/or conditions to Tenant and Tenant shall then have thirty (30) business days within which to elect to lease such Offer Space. As used in the foregoing sentence, the word “substantially different” means on terms and conditions materially more favorable to the prospective tenant. (c) Tenant’s expansion option rights under this First Amendment will continue to be in effect throughout the Term (as same may have been extended), regardless of how many times Tenant has waived or exercised such rights previously during the Term (as may be extended). (d) The term for any reason whatsoever shall conclusively be deemed a waiver Offer Space lease by Tenant under the exercise of such expansion option. Notwithstanding anything this First Right to the contrary contained herein, Tenant’s option Lease shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated coterminous with the Offered Term as extended by the Renewal Term. The Tenant improvements, rent abatements and other applicable terms and conditions shall be adjusted on a straight line, pro rata basis to allow for differences in the length of the term of the Offer Space.

Appears in 1 contract

Sources: Agreement of Lease (Icon PLC)

Option to Expand. On or before expiration Provided that the LESSEE is not in any default under this Lease Contract, and for a period defined by the first twenty-four (24) months of the sixth (6th) month of Initial Term, LESSOR agrees to hold undeveloped 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”) adjacent lot as identified shown on Exhibit “B-1” attached to this Lease "A" as the "Adjacent Lot" and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord LESSEE 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 request LESSOR, in writing, to build on the Adjacent Lot an expansion to the existing Building (the "Option to Expand") and lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting such expansion (the "Expansion") from LESSOR. LESSOR will deliver the Expansion for final occupancy within a period of six months from the date of the written notification by LESSEE of exercising the Option to Expand. The Expansion will be a construction of approximately a minimum of 45,715 square feet and up to approximately a maximum of 58,600 square feet. The specifications for the Expansion are contained on Exhibit "A-1" of this Lease Contract. Provided that the LESSEE exercises the Option to Expand, this Lease Contract will be then reset for a period of additional five years. The final occupancy of the expansion area which by the LESSEE, as provided for in this Clause, is available on the second (2nd) event that initiates the Reset five years Term. The Lease Rent for the reset term shall be the amount resulting from dividing the Lease Rent then in effect by the number of square feet for the existing Building and fifth (5th) floors designated then multiplying the resulting number by the total area obtained from the sum of the square footage of the existing Building and referred the Expansion area, plus the corresponding Value Added Tax, under the same terms and conditions as set for herein. LESSEE will have the option to extend this Lease Contract beyond the Reset Initial Term under the same terms and conditions as set for herein. The Lease Rent will have the “Expansion Space”same rent escalator as provided for in the Clause Sixth hereof, at any time and the Leased Property will include the Expansion. The Lease Rent Advance Amount shall be applied as provided for 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spaceoriginal Initial Term.

Appears in 1 contract

Sources: Lease Contract (Spectrum Control Inc)

Option to Expand. On or before expiration Landlord hereby grants Tenant the option to extend the Lease Term for four (4) periods of five (5) years each, upon all of the sixth (6th) month terms and conditions contained in this Lease, except for Base Rental, provided: 1. Tenant is not in default under this Lease beyond any applicable cure periods at the time that Tenant delivers any Extension Notice or at the time Tenant delivers any Binding Notice; and 2. No part of the termPremises aggregating to thirty-three percent (33%) or more of the Rentable Area of the Premises is sublet (other than pursuant to a Corporate Transfer) at the time that Tenant delivers any Extension Notice or at the time Tenant delivers any Binding Notice; and 3. The Lease has not been assigned (other than pursuant to a Corporate Transfer) prior to the date that Tenant delivers any Extension Notice or prior to the date Tenant delivers any Binding Notice. The Base Rental shall be one hundred percent (100%) of the projected net fair market rental rate on the effective date of such renewal for comparable term extensions for comparable space in comparable first class buildings in the Eastside area, excluding the Bellevue central business district (the "FAIR MARKET RENEWAL RATE"), provided that in no event shall the Fair Market Renewal Rate be less than the then current Base Rental being paid by Tenant. If Tenant wishes to exercise this extension option, Tenant shall be required provide written notice of its intent to lease the remainder 3,942 square feet of Rentable Space on the third extend (3rdan "Extension Notice") 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 least twelve (4th12) 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)months, but if Tenant elects not more than fifteen (15) months, prior to lease the 4th Floor Space between the expiration of the sixth then current Lease Term. Within thirty (630) month and commencement days after receipt of the ninth (9th) month following commencement Extension Notice, Landlord shall inform Tenant of the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square foot, proposed Fair Market Renewal Rate. If Landlord and Tenant improvements dollars will decline cannot agree on a pro rata basis based on the remaining length of the term. If the Tenant does not elect to lease the fourth Base Rental within sixty (4th60) 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. days after Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.'s receipt

Appears in 1 contract

Sources: Lease Agreement (Bsquare Corp /Wa)

Option to Expand. On Landlord grants to Tenant the option to expand ---------------- the Premises by a building or before expiration buildings to be constructed by Landlord on the Property. The Tenant may choose to have the expansion performed in one or several increments of at least [*] m/2/. ------------ *CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. Tenant may only exercise the option to expand if the Lease term is at least still 10 (ten) years at the time that the Tenant exercises the option - if necessary by exercising an option to extend the term pursuant to Sec. 7 (b) Lease Summary -. The parties expect that up to [*] m/2/ additional space can be constructed on the Property. Upon Tenant's exercise of the sixth option, the Option Space shall be constructed by Landlord at Landlord's expense pursuant to the Work Letter for Option Space (6thExhibit D) month within 18 (eighteen) months after the exercise of the term, option by ---------- Tenant and submission of the preliminary design criteria which are sufficient for the Landlord to carry out the above and below-ground-construction work complying with the Hesse Building Code and shall be required leased to lease Tenant pursuant to the remainder 3,942 provisions of this Lease. The Parties shall cooperate to clear any design discrepancies. Rent for the Option Space shall be the Rent per square feet meter of Rentable Space on the third (3rd) floor, Area in effect under this Lease at the same rental rate then being paid for commencement of Tenant's occupancy of the initial PremisesOption Space. In addition, Tenant will have This additional rent shall be payable after the right to expand during end of the first 6 [*] months by leasing rent-free period after 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 handover in question. The Rent payable under 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 amount of Rent attributable to the Option Space that is leased by Tenant. The parties shall immediately execute an amendment to this Lease stating the addition of the termOption Space to the Premises. If Upon receipt of Tenant's notice to exercise the Tenant does not elect to lease option, Landlord shall design and construct such space in accordance with the fourth (4th) floor space during the initial nine (9) months following commencement terms set forth in Exhibit D. ---------- The Rentable Area of the Lease, Tenant shall have the right of first refusal to lease the 4th Floor Option 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, verification as provided in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.Section 1.3.2. --------------

Appears in 1 contract

Sources: Lease (Equinix Inc)

Option to Expand. On or before expiration of The Lessee shall have the sixth (6th) month of option to expand at any time between June 1st, 1999 and February 28, 2000. The expansion shall take place into the term, Tenant area marked for that purpose on Schedule “A” and shall be required up to lease the remainder 3,942 approximately 17,989 square feet of Usable Area, with the Rentable Area thereof being determined by calculating the Usable Area in accordance with BOMA standards for office space measurements and adding thereto 15% for common areas (hereinafter referred to as the “CNX Expansion Space”). The Usable Area shall be calculated by the Lessor’s architect before the commencement date. The right to expand shall be exercised by increments of at least four thousand (4000) square feet of Usable Area each, beginning with the areas closest to the CNX area at the corner of St-Antoine and University of the Building cross-hatched in green on Schedule “A” and referred to as the Additional CNX area of 25,740 square feet of Usable Area and expanding westward therefrom, and shall be subject to the ratio and configuration conditions expressed in section 38.2 of the this Lease. In order to exercise said right to expand, the Lessee shall provide the Lessor with a minimum thirty (30) days prior written notice stipulating the area required, the proposed fixturing period and the commencement date. The commencement date for this CNX Expansion Space on shall be no more than 90 days following such written notice and shall in no event be later than May 1, 2000. During such fixturing period and up to the third commencement date for the CNX Expansion Space, the Lessee shall have access to the CNX Expansion Space but it shall not pay for any Minimum Rent or Additional Rent, it being understood however, that utilities (3rdsuch as electricity and chilled water) floorconsumed in the space during such period shall be paid for by Lessee. Representatives of both the Lessee and the Lessor shall have concurrent access to the CNX Expansion Space during said build-out periods in order to plan and execute their respective construction, fixturing and related tasks, the parties hereto hereby undertaking to be fully co-operative with each other so as to facilitate the accomplishment of such tasks. This right to expand shall be exercised one or more times until such CNX Expansion Space has been entirely occupied or, at the same rental rate then being paid for the initial Premises. In additionlatest, Tenant will have the by February 28, 2000, after which date said right to expand during shall cease to apply. It is understood that the first 6 months by leasing term for the approximately 15,165 square feet CNX Expansion Space shall be co-terminus with the Premises as provided in section 3.1 of Rental this Lease. Except as otherwise provided herein, the CNX Expansion Space on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached shall be subject to this Lease and incorporated herein by reference at the same rental rate then being paid rates, terms and conditions as contained 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 this Lease, including the rental rate shall be increased by twenty-five Leasehold Improvement Allowance of TWENTY SIX dollars and EIGHTY FIVE cents (.25¢$26.85) per square footfoot of Usable Area. Should this right to expand be exercised after October 1, and Tenant improvements dollars will decline on a pro rata basis 1999, then such amount of 26.85$ per square foot of Usable Area shall be prorated based on the remaining length of the termTerm. 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 In the event that Landlord receives an offer to lease the spaceentire amount set in the Improvement Allowance is not spent once the CNX Expansion Space is completed, and any then such right of first refusal amount shall be deducted from the Minimum Rent using a 9% factor applied on the exact terms received and approved by Landlord from a third party offering per square foot basis 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 for 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spaceapplies.

Appears in 1 contract

Sources: Lease Agreement (Microcell Telecommunications Inc)

Option to Expand. On or before expiration Provided LESSEE is not then in default of the sixth (6th) month terms 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 LESSEE shall have the option to lease at then current market rental rates any additional space which is available on the third floor in 5,000 rsf increments consisting the Building, (15,383 square feet now occupied by Inscribe or 24,150 currently unoccupied - hereinafter Option Space) on the terms and conditions as set forth in this Lease except that the Base Rent shall be the fair Market Rent for the Option Space. In the event LESSEE properly exercises its option to lease the Option Space, the Option Space shall automatically be included in and become a part of the area Leased Premises from and after the date on which the Option Space is available on included within 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 Leased Premises; all of the Lease Term (unless sooner terminated pursuant to the terms of this Leaseterms, provisions, conditions and subject to any rights of extension covenants contained in this Leaselease shall apply thereto, except with respect to Base Rent for the Option Space and further, all of the terms defined in this Lease shall then be automatically adjusted accordingly (including appropriate CAO calculations), so that, for example, the term "Leased Premises" whenever used herein shall then and thereafter apply to such Option space. LESSEE acknowledges that some portion of the Option Space is currently under written lease agreement and that the existing tenant has some rights with respect to such Option Space (which rights are summarized on Exhibit F attached hereto) by delivering and that LESSEE's rights 41 -41- hereunder are subject to the rights of tenants currently occupying a portion of the Option Space. If the current tenant does not exercise its rights with respect to a portion of the Option Space, LESSOR agrees that prior to accepting any proposal for lease of the now occupied portion of the Option Space or the remainder of the Option Space, LESSOR shall give LESSEE written notice to LandlordLESSEE of the proposed terms for rental of the then available Option Space. LESSEE shall have fourteen (14) business days following receipt of LESSOR's notice, provided that at to elect by written notice received by LESSOR within said fourteen (14) business days of the time receipt 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 to add such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything space to the contrary contained hereinLeased Premises. In the event LESSEE fails to properly exercise its option to lease the Option Space, Tenant’s such option shall thereafter terminate and LESSOR shall thereafter be subject free to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at lease the time it makes such election is sufficient Option Space to meet its financial obligation associated with the Offered Spaceother parties.

Appears in 1 contract

Sources: Lease Agreement (Leukosite Inc)

Option to Expand. On or before expiration of Section 43.1 has been and is hereby amended to delete Section 43.1 in its entirety and place in lieu thereof the sixth (6th) month of following new Section 43.1: 43.1 Lessee has the term, Tenant shall be required option to lease and expand the remainder 3,942 square feet "Premises" under this Lease (the "Expansion Option") to include within its definition up to all 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 (as may be leased by Lessee, called the “4th Floor "Expansion Space”) as identified on Exhibit “B-1” attached to "), and all of the terms and conditions of this Lease shall apply with full force and incorporated herein by reference effect to the expanded Premises after such expansion except as provided for in this Section 43. To exercise the Expansion Option, Lessee shall deliver written notice to Lessor on or before the Commencement Date which notice shall specify the space to be a part of the expansion. After such exercise and no later than ninety (90) days after the Commencement Date, Lessee shall deliver to Lessor approved plans for the construction of improvements to the Expansion Space (the "Expansion Space Plans"), which Expansion Space Plans shall be of the same or better quality and detail as the Premises Plans. The Lessor's approval of the Expansion Plans shall not be unreasonably withheld, conditioned or delayed. The commencement date for the Expansion Space (the "Expansion Space Commencement Date") shall be the later of (i) the date that is six (6) months after the Commencement Date, or (ii) if Lessee has timely delivered the approved Expansion Space Plans, ten (10) days after substantial completion of the tenant improvements in the Expansion Space, with Lessee's obligation to pay Annual Base Rental, Base Rent, Annual Step Rental, Amounts Due, and Proportionate Share of Common Operating Expenses for such Expansion Space beginning on such Expansion Space Commencement Date, with Annual Base Rental, Base Rent, Annual Step Rental, Amounts Due, and Proportionate Share of Common Operating Expenses paid to Lessor at the same rental rate then being paid rates provided for in the initial Premises; providedLease. For the avoidance of doubt, howeverif Lessee fails to deliver timely the approved Expansion Space Plans, Landlord the Expansion Space Commencement Date will continue to keep occur no later than the 4th Floor Space available for lease to Tenant for one additional period of three date that is six (36) months (a total of nine months following after the commencement Commencement Date, even if the Expansion Space is not ready for occupancy on that date), but if Tenant . If Lessee elects to lease less than the 4th Floor Space between entire fourth (4th) floor, then Lessor shall have the expiration right to approve the location of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate space that Lessee shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline lease pursuant to this Section 43 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 floor. Lessor's approval right shall not be unreasonably withheld, conditioned or delayed. Should Lessee request any changes to the initial nine approved Expansion Space Plans and such requested change increases the cost of construction or causes a delay the completion of the Expansion Space Construction, then Lessee shall be responsible to pay such increased costs and will be responsible for the rent as of the date that the Expansion Space Commencement Date would have occurred but for the delay, as the case may be, even if Lessee is not yet occupying the Expansion Space. Lessor shall cause the Expansion Space Improvements (9hereinafter defined) to be constructed and completed substantially in accordance with the approved Expansion Space Plans. Lessor shall cause the Expansion Space Improvements to be completed within the later of 90 days after delivery of Expansion Space Plans or six (6) months following commencement after the Commencement Date. For purposes of this paragraph 43.1, the Lease, Tenant term "substantial completion" shall have the right same definition as such term has in paragraph 10.1. Upon the substantial completion of first refusal to lease the 4th Floor Expansion Space in the event that Landlord receives an offer to lease the spaceImprovements, Lessor shall notify Lessee of such completion, and any the parties hereto within three (3) days after such right of first refusal notice shall be on the exact terms received and approved by Landlord from perform 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 walk-through inspection of the area Expansion Space Improvements. During such inspection the parties shall prepare a punch-list of defective or incomplete items, if any, which is available on items Lessor shall correct within thirty (30) days after 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 date of the Lease Term (unless sooner terminated pursuant such inspection. All references contained in Section 43.1 shall refer to the terms of references as redefined by 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered SpaceFirst Amendment.

Appears in 1 contract

Sources: Lease (Harbinger Corp)

Option to Expand. On or before expiration of the sixth (6tha) month of the term, Tenant shall be required have the one-time right of first offer to lease the remainder 3,942 square feet of Rentable Space any additional space on the third (3rd) floor, at the same rental rate then being paid 400 Level of C Building that becomes available 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 occupancy (the “4th Floor Available Space”) as identified on Exhibit “B-1” attached during the Term, subject to and in accordance with the terms and conditions set forth in this Lease Section 2.03. If at any time from and incorporated herein by reference at after the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue Term Commencement Date and prior 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 Term any Available Space shall become available, Landlord shall notify Tenant thereof in writing (6) month and commencement of “Landlord’s Available Space Notice”), which notice shall include the ninth (9th) month following commencement of anticipated estimated date upon which such Available Space shall become available for occupancy by Tenant along with a floor plan showing the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per approximate rentable square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the termfootage thereof. 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 to lease all such Available Space described in Landlord’s Available Space Notice only by giving written notice to Landlord within fourteen (14) days after Tenant receives Landlord’s Available Space Notice, time being of the essence. If Tenant so elects to lease the applicable Available Space, such Available Space shall be and become part of the Premises hereunder upon the delivery of such Available Space to Tenant and shall be leased upon the same terms and conditions contained in this Lease, except that: (x) the Base Rent for such space shall be equal to the Market Rent therefor determined in accordance with Section 3.03(d), below (made applicable hereto by such changes and modifications as are required given the application hereof, mutatis mutandis), (y) it is understood and agreed that the applicable Available Space shall be leased by Tenant in its then “as-is”, “where-is” condition, without warranty or representation by Landlord and Landlord shall have no obligation to complete any work to prepare the applicable Available Space for Tenant’s use and occupancy or provide any allowance or contribution therefor, and (z) there shall be at least five (5) full Lease Years remaining in the Term from and after the delivery of such Available Space (which five (5) Lease Year period may include Tenant’s early exercise of any remaining extension term). Following such election by ▇▇▇▇▇▇, and effective as of the delivery of the applicable Available Space and for the balance of the Term and any extension thereof: (i) the “Premises”, as used in this Lease, shall include the applicable Available Space; (ii) the rentable square footage of the Premises shall be increased to include the rentable square footage of the applicable Available Space (and any Additional Rent, charges and expenses due under this Lease shall be re-calculated to reflect the inclusion of the Available Space); and (iii) the Base Rent shall equal the sum of the then current Base Rent provided for in this Lease plus the Base Rent for the applicable Available Space as determined above. To confirm the inclusion of the applicable Available Space as set forth above, Landlord shall prepare, and Tenant and Landlord shall promptly execute and deliver, an amendment to this Lease reflecting the foregoing terms and incorporation of the applicable Available Space. For the purposes hereof, space shall be deemed “available for occupancy” only when and after the existing lease thereon (including any available extension periods) has expired or is due to expire within six (6) months, and Landlord has elected not to renew the lease of the present tenant (including at Landlord’s discretion beyond the existing terms and conditions of such lease), and Landlord is free to lease such space to third parties without restriction or Landlord has entered into, or reasonably anticipates entering into, an agreement with the present tenant for the early surrender of such space within the next six (6) months. For clarity, ▇▇▇▇▇▇ understands that all vacant space in C Building as of the date hereof is not “available for occupancy” and will only become “available for occupancy” from and after the time such space has first been leased and then meets the definition for “available for occupancy” hereunder. Tenant acknowledges and agrees that its rights hereunder are and shall be subject and subordinate to any extension rights, expansion rights, options to lease or any rights of first negotiation, first offer or first refusal to lease the 4th Floor Space in the event that Landlord receives an offer granted 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 other tenants or occupants of the area which is available on Property prior to the second (2nd) date of execution and fifth (5th) floors designated and referred to as the “Expansion Space”delivery of this Lease, at any time during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant or to the terms of this Leaseany leases, including extension and subject expansion rights, existing prior to any rights of extension contained in this Lease) by delivering written notice to Landlord, provided that at the time of such notice execution and on the Effective Date, no event of default, as defined in Paragraph 25 delivery of this Lease. TENANT SPECIFICALLY ACKNOWLEDGES AND AGREES THAT THE RIGHT OF FIRST OFFER PROVIDED HEREIN IS NOT INTENDED AS, shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion optionNOR SHALL THE SAME BE INTERPRETED OR CONSTRUED TO BE, A RIGHT OF FIRST REFUSAL. (b) Unless Landlord otherwise agrees in writing, Tenant may not thereafter revoke exercise the right of first offer hereunder, and, at Landlord’s option, no exercise thereof shall be effective, if a default by Tenant shall exist under this Lease (or if there is any circumstance or state of facts which, with notice or the passage of time or both, would result in a breach and default hereunder) on the date on which Tenant provides Landlord with notice exercising its right or as of the date that Landlord would have otherwise delivered the Available Space to Tenant. (c) If Tenant fails to timely exercise, or waives, any of its rights hereunder, the right(s) granted hereunder as to any applicable Available Space shall be deemed waived for all purposes as to such exerciseAvailable Space, and Landlord may lease the applicable Available Space to any party and upon any terms free of any rights of Tenant. Tenant, following such waiver and within seven (7) business days of ▇▇▇▇▇▇▇▇’s request therefor, shall execute and deliver to Landlord a certification, in recordable form, confirming the waiver of such right, and ▇▇▇▇▇▇’s failure to timely exercise so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to affidavit confirming the contrary contained hereinwaiver, Tenant’s option which affidavit shall be subject to a determination binding on Tenant and may be conclusively relied on by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spacethird parties.

Appears in 1 contract

Sources: Lease Agreement (Curis Inc)

Option to Expand. On or before expiration So long as Tenant is not then in default of the sixth (6th) month of the termLease beyond any applicable cure periods, 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 a one-time option to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor Premises (the “4th Second Floor SpaceExpansion Option”) by adding approximately 2,072 rentable square feet located on the second floor of the Building as identified outlined on the attached Exhibit A-1 ((the B-1” attached Second Floor Expansion Option”), in accordance with the terms of this Section 29.17. If Tenant wishes to this Lease exercise the Second Floor Expansion Option, Tenant shall do so by giving Landlord written notice of its exercise of the Second Floor Expansion Option (the “Second Floor Expansion Notice”) no later than on June 30, 2006. If Tenant does not give Landlord a written notice exercising Tenant’s Second Floor Expansion Option, then the Option shall terminate and incorporated herein by reference shall be of no further force or effect. If Tenant gives Landlord written notice of its exercise of the Second Floor Expansion Option on or before June 30, 2006, then, effective on the earlier of (a) the date on which tenant improvements in the Second Floor Expansion Space are substantially completed or (b) September 1, 2006 (the “Second Floor Expansion Space Commencement Date”), the Second Floor Expansion Space shall be added to the Premises. The annual Base Rent for the Second Floor Expansion Space (the “Second Floor Expansion Space Base Rent”) shall equal the rate per square foot at the same rental rate then being paid time of the Second Floor Expansion Space Commencement Date, as set forth in the initial Premises; providedSummary of Fundamental Provisions, howeverItem #5 of this Lease, Landlord will continue to keep multiplied by 2,072’, and the 4th Second Floor Expansion Space available for lease to Tenant for one additional period Base Rent shall increase as set forth in the Summary of three (3) months (a total of nine months following the commencement date)Fundamental Provisions, but if Tenant elects to lease the 4th Floor Space between the expiration Item #5 of the sixth Lease. The tenant improvement allowance to be provided by Landlord for the Second Floor Expansion Space shall equal $23.86 per rentable square foot. Effective on the Second Floor Expansion Space Commencement Date, the following shall occur: (6a) month and commencement the Second Floor Expansion Space shall be added to the Premises for the remainder of the ninth (9th) month following commencement Term of the Lease, (b) Base Rent for the rental rate Premises shall be increased by twenty-five cents (.25¢) per square footan amount equal to the Second Floor Base Rent determined as provided in this Section 29.17, and Tenant improvements dollars will decline on a pro rata basis (c) Tenant’s Proportionate Share of Operating Expenses shall increase proportionately based on the remaining length of increase in square footage in the termPremises. If Subject to the Tenant does not elect tenant improvement allowance to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Leasebe provided by Landlord and Landlord’s obligations regarding common areas described above in this Section 29.17, Tenant shall have the right of first refusal to lease the 4th Second Floor Expansion 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 its “as-is” condition as of the area which is available on the second (2nd) and fifth (5th) floors designated and referred to as the “Second Floor Expansion Space”, at any time during the lease term (the “Effective Space Commencement Date”) and ending on the expiration . The terms of the Lease Term (unless sooner terminated pursuant work agreement attached as Exhibit C to this Amendment shall apply to the terms improvements to the Second Floor Expansion Space and the use of such tenant improvement allowance as if the Second Floor Expansion Space were the original Premises leased under 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.

Appears in 1 contract

Sources: Lease Amendment (Mathstar Inc)

Option to Expand. On or before expiration Landlord grants to Tenant the option ---------------------- to expand the Premises by including an additional [*] m/2/ ([*]square meters) of contiguous space for the purposes of Tenant in a building to be constructed by Landlord on the land as outlined in blue on Exhibit D1 ("Option Space"). ---------- Tenant must exercise the option to expand by written notice sent by Tenant to Landlord no later than December 31, 2003. Upon Tenant's exercise of the sixth option, the Option Space shall be constructed by Landlord at Landlord's expense pursuant to the Work Letter for Option Space (6thExhibit E) month within 18 (eighteen) months after the exercise of the term, --------- option by Tenant and submission of the preliminary design criteria which are sufficient for the Landlord to carry out the architectural and engineering work complying with the Hesse Building Code and shall be required leased to lease Tenant pursuant to the remainder 3,942 provisions of this Lease. The Parties shall cooperate to clear any design discrepancies. Rent for the Option Space shall be the Rent per square feet meter of Rentable Space on the third (3rd) floor, Area in effect under this Lease at the same rental rate then being paid for commencement of Tenant's occupancy of the initial PremisesOption Space. 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 The Rent payable under 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 amount of Rent attributable to the Option Space that is leased by Tenant. The parties shall immediately execute an amendment to this Lease stating the addition of the termOption Space to the Premises. If Upon receipt of Tenant's notice to exercise the Tenant does not elect to lease option, Landlord shall design and construct such space in accordance with the fourth (4th) floor space during the initial nine (9) months following commencement terms set forth in Exhibit E. The Rentable Area of the Lease, Tenant shall have the right of first refusal to lease the 4th Floor Option 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to ---------- verification as provided in Section 1.4. ------------ 1.5.2 a) Second Option to Expand - Phase 1 -. Landlord grants to -------------------------------------- Tenant the option to expand the Premises by including an additional [*] m/2/ ([*]square meters) of contiguous space for the purposes of Tenant in a determination building to be constructed by Landlord on the land as outlined in orange on Exhibit D2 ---------- (Phase 1) ("Option Space"). Tenant must exercise the option to expand by written notice delivered by Tenant to Landlord no later than December 31, 2003. Upon Tenant's exercise of the option the Option Space shall be constructed by Landlord at Landlord's expense, pursuant to the Work Letter for Optional Expansion Space (Exhibit E) within 6 (six) months after landlord --------- obtains necessary permit approval following the exercise of the option by Tenant and submission of the preliminary design criteria which are sufficient for the Landlord to carry out the architectural and engineering work complying with the Hesse Building Code and shall be leased to Tenant pursuant to the provisions of this Lease. The Parties shall cooperate to clear any design discrepancies. Rent for the Optional Expansion Space shall be the Rent per square meter of Rentable Area in Landlord’s discretion, that Tenant’s financial condition effect under this Lease at the time it makes such election is sufficient to meet its financial obligation associated with commencement of Tenant's occupancy of the Offered Space_________ *CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

Appears in 1 contract

Sources: Lease Agreement (Equinix Inc)

Option to Expand. On or before expiration Provided that no default has occurred and is then continuing (provided that if there is a default hereunder that has occurred, but the cure period related thereto has not expired, Tenant's exercise of this option to extend shall be valid provided that Tenant does cure such default within such cure period), Landlord hereby grants to Tenant an exclusive option (the "Expansion Option") to expand the Leased Premises to include that certain approximately 505,269 square feet of space labeled "Expansion Space" on Exhibit A to this Lease (the "Expansion Space"), on the terms and conditions set forth herein. (a) The term of the sixth (6th) month Expansion Option shall commence on the date of the termLease and shall expire on May 31, 2012 (the "Option Period"). In the event that Tenant desires to exercise the Expansion Option, Tenant shall deliver written notice to Landlord to such effect (the "Option Notice"). The Option Notice shall not be required effective unless delivered to Landlord by Tenant within the Option Period. (b) If Tenant validly exercises the Expansion Option, the Leased Premises shall be expanded to include the Expansion Space effective as of October 1, 2012 (the "Expansion Date"), and thereafter, Tenant shall lease the remainder 3,942 square feet of Rentable Space Leased Premises (which shall be deemed to include the Expansion 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 all of the sixth terms and conditions set forth in this Lease, with the following modifications: (6i) month and commencement Effective as of the ninth (9th) month following commencement of the LeaseExpansion Date, the rental rate Rentable Area shall be increased by twenty-five cents to 1,061,663 square feet. (.25¢ii) per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length Effective as of the term. If the Tenant does not elect Expansion Date, Tenant's Proportionate Share shall be increased to lease the fourth 100%. (4thiii) floor space during the initial nine The Lease Term shall be extended through and including September 30, 2023. (9iv) months following commencement Effective as of the LeaseExpansion Date, the schedule of Minimum Annual Rent payable by Tenant shall have with respect to the right of first refusal to lease the 4th Floor Space Leased Premises as set forth in the event that Landlord receives an offer to lease the space, and any such right of first refusal Section 1.01(d) shall be on deleted in its entirety and replaced with 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 following: October 1, 2012 – September 30, 2013 $0.00 October 1, 2013 – September 30, 2014 $2,346,275.23 October 1, 2014 – September 30, 2015 $2,346,275.23 October 1, 2015 – September 30, 2016 $2,404,932.11 October 1, 2016 – September 30, 2017 $2,465,055.41 October 1, 2017 – September 30, 2018 $2,526,681.80 October 1, 2018 – September 30, 2019 $2,589,848.84 October 1, 2019 – September 30, 2020 $2,654,595.06 October 1, 2020 – September 30, 2021 $2,720,959.94 October 1, 2021 – September 30, 2022 $2,788,983.94 October 1, 2022 – September 30, 2023 $2,858,708.54 (v) Effective as of the area which is available on Expansion Date, 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 schedule of the Lease Term (unless sooner terminated pursuant Monthly Rental Installments payable by Tenant with respect to the terms of this Lease, and subject to any rights of extension contained Leased Premises as set forth in this LeaseSection 1.01(e) 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 reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, deleted in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated entirety and replaced with the Offered Spacefollowing: October 1, 2012 – September 30, 2013 $0.00 October 1, 2013 – September 30, 2014 $195,522.94 October 1, 2014 – September 30, 2015 $195,522.94 October 1, 2015 – September 30, 2016 $200,411.01 October 1, 2016 – September 30, 2017 $205,421.28 October 1, 2017 – September 30, 2018 $210,556.82 October 1, 2018 – September 30, 2019 $215,820.74 October 1, 2019 – September 30, 2020 $221,216.26 October 1, 2020 – September 30, 2021 $226,746.66 October 1, 2021 – September 30, 2022 $232,415.33 October 1, 2022 – September 30, 2023 $238,225.71 (vi) Tenant's Proportionate Share of Operating Expenses, Real Estate Taxes and Insurance Premiums for the period commencing October 1, 2012 through and including September 30, 2013 shall be abated.

Appears in 1 contract

Sources: Lease Agreement (Carters Inc)

Option to Expand. On or before expiration Tenant is entering into this Lease in reliance on the benefit of a possible expansion of the sixth (6th) month Premises at such time as any space in the Building is not under lease to any party other than Tenant. Accordingly, as a condition of Tenant's entering into this Lease, Landlord hereby agrees with Tenant that Landlord will not grant to any third party tenant or other occupant of the termBuilding or other party whatsoever any refusal, expansion, extension, renewal, or other options or rights unless such rights are made specifically secondary and subordinate to Tenant's option to expand set forth hereinbelow. Landlord hereby grants to Tenant shall be required the continuing first and prior right to lease the remainder 3,942 square feet any leasable portion 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 Building not included within 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 Premises which becomes vacant 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 at such earlier time as (i) Tenant notifies Landlord in writing that Tenant desires to any rights of extension contained lease such expansion area or (ii) Landlord notifies Tenant in this Leasewriting that Landlord has a prospective tenant desiring to lease such expansion area, in which latter event Tenant shall accept or reject such space within ten (10) by delivering written notice to Landlord, provided that at the time business days following receipt of such notice and on the Effective Date, no event from Landlord; failure of default, as defined in Paragraph 25 of this Lease, Tenant to so accept such space 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 reason whatsoever shall conclusively be deemed a waiver of rejection. In the event Tenant desires to lease such expansion option. Notwithstanding anything area, if such space has not then been previously leased to a third party, such expansion area shall be added to the contrary contained hereinPremises on terms and conditions, including without limitation any construction allowance, which new or prospective tenants of the Building are then being offered by Landlord. In the event at any time Tenant is offered but rejects any such expansion space, Tenant’s 's aforesaid option to expand shall be subject remain in full force and effect over all leasable space in the Building not under lease to Tenant and shall revive as to space offered to a determination by Landlordthird party at such time as the space again becomes vacant and available for lease, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spacethird parties.

Appears in 1 contract

Sources: Lease Contract (Headhunter Net Inc)