Option to Lease. During the term of this Lease Agreement and provided Lessee is not otherwise in default under this Lease agreement, Lessee shall have the right to lease all of Suite 365 comprised of 1,100 rentable square feet (the "Dacom America Premises"); and/or Suite 370 comprised of 1,485 rentable square feet (the "2001 Real Estate premises"), and/or Suite 375 comprised of 800 rentable square feet (the "ASN Premises"). (The Dacom America Premises, 2001 Real Estate Premises and the ASN Premises are collectively, the "Expansion Premises") Lessee Shall exercise its Option granted herein by the delivery of a notice (the "Notice to Exercise") no later than December 31, 1999 Time shall be Of the essence with respect to the delivery of the Notice to Exercise. The Notice to Exercise shall specify if Lessee has exercised its option to lease all or a portion of the Expansion Premises. If Lessee shall elect to lease a portion of the Expansion Premises, Lessee shall lease all of the Dacom America premises or all of the 2001. Real Estate Premises or all of both, and Lessee shall have no further option to lease the ASN Premises. Lessee shall take possession of the Expansion Premises and the term thereof or shall commence September 1, 000 and the Lease Expiration Date shall be extended to August 31, 2005. Basic Rent for the Expansion Premises shall be a sum equal to the aggregate Rentable Square Feet comprising the Expansion Premises (or the portion thereof as aforementioned) multiplied by the Basic Rent in effect for the Third Floor Premises on a square foot basis through May 31, 2003 including increases In the same manner as provided with respect to the Third Floor Premises. Thus, if Lessee shall exercise its option granted herein to lease the entire Expansion Premises, the Third Floor Premises shall be increased to 16,385 Rentable Square Feet and Basic Rent shall be as follows: Original Third Floor Premises (13 000 Rentable Square Feet) ---------------------------- Period Per Annum Per Month ------ --------- --------- 9/1/00 to 8/31/01 $325,000.00 $27,083.33 9/1/01 to 8/31/02 328,250.00 27,354.17 9/1/az to 8/31/03 331,500.00 27,625.00 Expansion Premises (3385 Rentable square Feet) -------------------------- Period Per annum Per Month ------ --------- --------- 9/1/00 to 8/31/01 $ 84,525.00 $ 7,052.08 9/1/01 to 8/31/0 85,471.25 7,122.60 9/1/02 to 8/31/03 86,317.50 7,193.13 Third Floor Premises (l6,385 Rentable square Feet) ---------------------------- Period Per Annum Per Month ------ --------- --------- 9/1/03 to 8/31/04 $434,202.50 $36,183.54 9/1/04 to 8/31/05 450,587.50 37,548.96 If Lessee shall exercise its option to Lease only the Dacom America Premises and/or the 2001 Real Estate Premises, Basic Rent Set forth above shall be adjusted accordingly. In addition, Basic Rent in respect of the Lower Lobby Premises Shall be modified as follows. Period Per Annum Per Month ------ --------- --------- 6/1/03 to 8/31/03 $ 46,000.00 $ 3,833.34 9/1/03 to 8/31/04 50,000.00 4,166.67 9/1/04 to 8/31/05 54,000.00 4,500.00 If Lessee shall exercise its option granted herein, Paragraph 60 of this Lease Shall be deemed modified to provide that (i) the Renewal Term Commencement Date shall be September 1, 2005; (ii) the Renewal Term Expiration Date shall be August 31, 2010; (iii) Notice to Renew shall be served by February 28, 2005; and (iv) Basic Rent for the Renewal Term shall be not less than Basic Rent paid during the period of September 1, 2004 through August 31, 2005. If Lessee shall exercise its Option to lease all of the Expansion Premises, Lessor shall be responsible for completion of the build-Out of the Expansion Premises and shall contribute a sum not to exceed $50,775.00. Any costs in excess of $50,775.00 shall be paid by Lessee promptly upon Submission Of invoice(s) therefor. If Lessee shall exercise its Option to lease only the Dacorn America Premises and/or the 2001 Real Estate Premises, Lessor's build-out contribution shall be adjusted accordingly. The provisions of Paragraphs 26 (a) (i) through (v) shall govern the build out of the Expansion Premises (or portion thereof as may be applicable). Within ten (10) days after delivery of the Notice to Exercise, Lessor and Lessee shall negotiate in good faith all Other terms and provisions in respect Of the leasing of the Expansion Premises and shall execute a supplementary agreement amending this Lease agreement. Wherever appropriate and unless either specified herein or mutually agreed by Lessor and Lessee, all other terms, covenants, and conditions of this Lease Agreement, shall be applicable to the Expansion Premises and incorporated into the supplementary agreement. Upon Lessee's acceptance and occupancy of the Expansion Premises, Lessee shall acknowledge that it has inspected and s fully familiar With the Expansion Premises and that it has accepted the expansion Premises in "AS IS" condition. Lessee shall execute and deliver at that time a document acknowledging the same.
Appears in 1 contract
Option to Lease. During Landlord hereby agrees that, in the term event of this (a) the termination or expiration of the License Agreement by and between Tenant and Licensor; (b) the termination of the Form Lease Agreement for any cause whatsoever including, without limitation, a default by Tenant under the Form Lease after expiration of any applicable notice and provided Lessee is not otherwise cure periods; or (c) Tenant’s failure to exercise any extension option contained in default under this Lease agreementthe Form Lease, Lessee Licensor shall have the right to lease all of Suite 365 comprised of 1,100 rentable square feet (the "Dacom America Premises"); and/or Suite 370 comprised of 1,485 rentable square feet (the "2001 Real Estate premises"), and/or Suite 375 comprised of 800 rentable square feet (the "ASN Premises"). (The Dacom America Premises, 2001 Real Estate Premises and the ASN Premises are collectively, the "Expansion Premises") Lessee Shall exercise its Option granted herein by the delivery of a notice (the "Notice to Exercise") no later than December 31, 1999 Time shall be Of the essence with respect to the delivery of the Notice to Exercise. The Notice to Exercise shall specify if Lessee has exercised its option to lease all or a portion of the Expansion Premises. If Lessee shall elect to lease a portion of the Expansion Premises, Lessee shall lease all of the Dacom America premises or all of the 2001. Real Estate Premises or all of both, and Lessee shall have no further option to lease the ASN Premises. Lessee shall take possession Premises pursuant to the same terms and conditions as are contained in the Form Lease, in accordance with the following:
(a) Landlord agrees to promptly give Notice to Licensor (at the address set forth herein) in the event the Form Lease is terminated as the result of a default by Tenant or in the event Tenant fails to exercise any remaining options to extend the term of the Expansion Premises and the term thereof or shall commence September 1, 000 and the Lease Expiration Date shall be extended to August 31, 2005. Basic Rent for the Expansion Premises shall be a sum equal to the aggregate Rentable Square Feet comprising the Expansion Premises Form Lease;
(or the portion thereof as aforementionedb) multiplied by the Basic Rent in effect for the Third Floor Premises on a square foot basis through May 31, 2003 including increases In the same manner as provided with respect to the Third Floor Premises. Thus, if Lessee shall exercise its option granted herein If Licensor elects to lease the entire Expansion Premises, the Third Floor Premises Licensor shall be increased notify Landlord in writing of its election to 16,385 Rentable Square Feet and Basic Rent shall be as follows: Original Third Floor Premises (13 000 Rentable Square Feet) ---------------------------- Period Per Annum Per Month ------ --------- --------- 9/1/00 to 8/31/01 $325,000.00 $27,083.33 9/1/01 to 8/31/02 328,250.00 27,354.17 9/1/az to 8/31/03 331,500.00 27,625.00 Expansion Premises (3385 Rentable square Feet) -------------------------- Period Per annum Per Month ------ --------- --------- 9/1/00 to 8/31/01 $ 84,525.00 $ 7,052.08 9/1/01 to 8/31/0 85,471.25 7,122.60 9/1/02 to 8/31/03 86,317.50 7,193.13 Third Floor Premises (l6,385 Rentable square Feet) ---------------------------- Period Per Annum Per Month ------ --------- --------- 9/1/03 to 8/31/04 $434,202.50 $36,183.54 9/1/04 to 8/31/05 450,587.50 37,548.96 If Lessee shall exercise its this option to lease within thirty (30) days after (1) termination or expiration of the License Agreement; (2) Licensor’s receipt of Notice from Landlord that the Form Lease only has been terminated; or (3) receipt of Notice from Landlord that Tenant has failed to exercise an option to extend the Dacom America Premises and/or term of the 2001 Real Estate Form Lease;
(c) If Licensor elects to lease the Premises, Basic Rent Set forth above Licensor shall be adjusted accordingly. In addition, Basic Rent in respect of the Lower Lobby Premises Shall be modified as follows. Period Per Annum Per Month ------ --------- --------- 6/1/03 sign and deliver to 8/31/03 $ 46,000.00 $ 3,833.34 9/1/03 to 8/31/04 50,000.00 4,166.67 9/1/04 to 8/31/05 54,000.00 4,500.00 If Lessee shall exercise its option granted herein, Paragraph 60 of this Lease Shall be deemed modified to provide that (i) the Renewal Term Commencement Date shall be September 1, 2005; (ii) the Renewal Term Expiration Date shall be August 31, 2010; (iii) Notice to Renew shall be served by February 28, 2005; and (iv) Basic Rent for the Renewal Term shall be not less than Basic Rent paid during the period of September 1, 2004 through August 31, 2005. If Lessee shall exercise its Option to Landlord a lease containing all of the Expansion Premisessame terms and conditions (including rental rates, Lessor shall be responsible for completion terms and remaining options to extend the term of the build-Out Form Lease) as are contained in the Form Lease; provided, however, that Licensor’s leasehold interest shall not be subject to any defaults or claims that may exist between Landlord and Tenant and any such lease shall permit Licensor to assign the lease or sublease the Premises to a licensee of Licensor for use as a LITTLE DOODLES PLAY CAFÉ location; and
(d) Nothing contained herein shall affect Landlord’s right to recover any and all amounts due under the Expansion Premises and shall contribute a sum not Form Lease from Tenant or to exceed $50,775.00. Any costs in excess exercise any right of $50,775.00 shall be paid by Lessee promptly upon Submission Of invoice(s) therefor. If Lessee shall exercise its Option to lease only Landlord against Tenant as provided under the Dacorn America Premises and/or the 2001 Real Estate Premises, Lessor's build-out contribution shall be adjusted accordingly. The provisions of Paragraphs 26 (a) (i) through (v) shall govern the build out of the Expansion Premises (or portion thereof as may be applicable). Within ten (10) days after delivery of the Notice to Exercise, Lessor and Lessee shall negotiate in good faith all Other terms and provisions in respect Of the leasing of the Expansion Premises and shall execute a supplementary agreement amending this Lease agreement. Wherever appropriate and unless either specified herein or mutually agreed by Lessor and Lessee, all other terms, covenants, and conditions of this Lease Agreement, shall be applicable to the Expansion Premises and incorporated into the supplementary agreement. Upon Lessee's acceptance and occupancy of the Expansion Premises, Lessee shall acknowledge that it has inspected and s fully familiar With the Expansion Premises and that it has accepted the expansion Premises in "AS IS" condition. Lessee shall execute and deliver at that time a document acknowledging the sameForm Lease.
Appears in 1 contract
Sources: License Agreement
Option to Lease. During Landlord hereby agrees that, in the term event of this (a) the termination or expiration of the Franchise Agreement by and between Tenant and Franchisor; (b) the termination of the Form Lease Agreement for any cause whatsoever including, without limitation, a default by Tenant under the Form Lease after expiration of any applicable notice and provided Lessee is not otherwise cure periods; or (c) Tenant’s failure to exercise any extension option contained in default under this Lease agreementthe Form Lease, Lessee Franchisor shall have the right to lease all of Suite 365 comprised of 1,100 rentable square feet (the "Dacom America Premises"); and/or Suite 370 comprised of 1,485 rentable square feet (the "2001 Real Estate premises"), and/or Suite 375 comprised of 800 rentable square feet (the "ASN Premises"). (The Dacom America Premises, 2001 Real Estate Premises and the ASN Premises are collectively, the "Expansion Premises") Lessee Shall exercise its Option granted herein by the delivery of a notice (the "Notice to Exercise") no later than December 31, 1999 Time shall be Of the essence with respect to the delivery of the Notice to Exercise. The Notice to Exercise shall specify if Lessee has exercised its option to lease all or a portion of the Expansion Premises. If Lessee shall elect to lease a portion of the Expansion Premises, Lessee shall lease all of the Dacom America premises or all of the 2001. Real Estate Premises or all of both, and Lessee shall have no further option to lease the ASN Premises. Lessee shall take possession Premises according to the same terms and conditions as are contained in the Form Lease, in accordance with the following:
(a) L▇▇▇▇▇▇▇ agrees to promptly give written notice to Franchisor (at the address set forth in this Agreement) in the event the Form Lease is terminated as the result of a default by Tenant or in the event Tenant fails to exercise any remaining options to extend the term of the Expansion Premises and the term thereof or shall commence September 1, 000 and the Lease Expiration Date shall be extended to August 31, 2005. Basic Rent for the Expansion Premises shall be a sum equal to the aggregate Rentable Square Feet comprising the Expansion Premises Form Lease;
(or the portion thereof as aforementionedb) multiplied by the Basic Rent in effect for the Third Floor Premises on a square foot basis through May 31, 2003 including increases In the same manner as provided with respect to the Third Floor Premises. Thus, if Lessee shall exercise its option granted herein If Franchisor elects to lease the entire Expansion Premises, the Third Floor Premises Franchisor shall be increased notify Landlord in writing of its election to 16,385 Rentable Square Feet and Basic Rent shall be as follows: Original Third Floor Premises (13 000 Rentable Square Feet) ---------------------------- Period Per Annum Per Month ------ --------- --------- 9/1/00 to 8/31/01 $325,000.00 $27,083.33 9/1/01 to 8/31/02 328,250.00 27,354.17 9/1/az to 8/31/03 331,500.00 27,625.00 Expansion Premises (3385 Rentable square Feet) -------------------------- Period Per annum Per Month ------ --------- --------- 9/1/00 to 8/31/01 $ 84,525.00 $ 7,052.08 9/1/01 to 8/31/0 85,471.25 7,122.60 9/1/02 to 8/31/03 86,317.50 7,193.13 Third Floor Premises (l6,385 Rentable square Feet) ---------------------------- Period Per Annum Per Month ------ --------- --------- 9/1/03 to 8/31/04 $434,202.50 $36,183.54 9/1/04 to 8/31/05 450,587.50 37,548.96 If Lessee shall exercise its this option to lease within 30 days after (1) termination or expiration of the Franchise Agreement; (2) Franchisor’s receipt of notice from Landlord that the Form Lease only has been terminated; or (3) receipt of notice from Landlord that Tenant has failed to exercise an option to extend the Dacom America Premises and/or term of the 2001 Real Estate Form Lease;
(c) If Franchisor elects to lease the Premises, Basic Rent Set forth above Franchisor shall be adjusted accordingly. In addition, Basic Rent in respect of the Lower Lobby Premises Shall be modified as follows. Period Per Annum Per Month ------ --------- --------- 6/1/03 sign and deliver to 8/31/03 $ 46,000.00 $ 3,833.34 9/1/03 to 8/31/04 50,000.00 4,166.67 9/1/04 to 8/31/05 54,000.00 4,500.00 If Lessee shall exercise its option granted herein, Paragraph 60 of this Lease Shall be deemed modified to provide that (i) the Renewal Term Commencement Date shall be September 1, 2005; (ii) the Renewal Term Expiration Date shall be August 31, 2010; (iii) Notice to Renew shall be served by February 28, 2005; and (iv) Basic Rent for the Renewal Term shall be not less than Basic Rent paid during the period of September 1, 2004 through August 31, 2005. If Lessee shall exercise its Option to Landlord a lease containing all of the Expansion Premisessame terms and conditions (including rental rates, Lessor terms and remaining options to extend the term of the Lease) as are contained in the Lease; provided, however, that Franchisor’s leasehold interest shall not be subject to any defaults or claims that may exist between Landlord and Tenant and any lease shall permit Franchisor to assign the lease or sublease the Premises to a franchisee of Franchisor for use as a WING ZONE franchised location; at which point, the new franchisee shall sign and deliver to Landlord a lease containing all of the same terms and conditions (including rental rates, terms and remaining options to extend the term of the Lease) as are contained in the Lease, and Franchisor shall be responsible for completion released from any and all liability under the lease; and
(d) Nothing contained in this Agreement shall affect Landlord’s right to recover any and all amounts due under the Form Lease from Tenant or to exercise any right of Landlord against Tenant as provided under the build-Out of the Expansion Premises and shall contribute a sum not to exceed $50,775.00. Any costs in excess of $50,775.00 shall be paid by Lessee promptly upon Submission Of invoice(s) therefor. If Lessee shall exercise its Option to lease only the Dacorn America Premises and/or the 2001 Real Estate Premises, Lessor's build-out contribution shall be adjusted accordingly. The provisions of Paragraphs 26 (a) (i) through (v) shall govern the build out of the Expansion Premises (or portion thereof as may be applicable). Within ten (10) days after delivery of the Notice to Exercise, Lessor and Lessee shall negotiate in good faith all Other terms and provisions in respect Of the leasing of the Expansion Premises and shall execute a supplementary agreement amending this Lease agreement. Wherever appropriate and unless either specified herein or mutually agreed by Lessor and Lessee, all other terms, covenants, and conditions of this Lease Agreement, shall be applicable to the Expansion Premises and incorporated into the supplementary agreement. Upon Lessee's acceptance and occupancy of the Expansion Premises, Lessee shall acknowledge that it has inspected and s fully familiar With the Expansion Premises and that it has accepted the expansion Premises in "AS IS" condition. Lessee shall execute and deliver at that time a document acknowledging the sameForm Lease.
Appears in 1 contract