Relocation Option Clause Samples
POPULAR SAMPLE Copied 9 times
Relocation Option. In the event that, at any time during the Term from and after the thirty-sixth (36th) monthly anniversary of the Lease Commencement Date, Tenant would like to relocate its operations to other general office and research space in another biotechnology project owned by Landlord, Tenant may so notify Landlord (“Request Notice”). Tenant’s Request Notice shall specify the approximate number of rentable square feet required by Tenant, the project owned by Landlord to which Tenant desires to relocate and the approximate lease term desired by Tenant (which shall be a minimum of eighty-five (85) months). Within thirty (30) days after Landlord’s receipt of Tenant’s Request Notice, Landlord shall notify Tenant (“Response Notice”) as to whether Landlord owns any property which meets the requirements specified in Tenant’s Request Notice and which is then available for lease, which availability shall in any event be subject to the approval of Landlord’s lender. If any such space is then available, Landlord’s Response Notice shall also contain Landlord’s proposed economic terms (which shall be at the prevailing Market Rent, as defined below), including without limitation the proposed base rent, rental concessions (if any), the contribution by Landlord toward improvement of such space (if any) and brokerage commission, and other terms and conditions applicable to Tenant’s lease of such space including, without limitation, general configuration of such space, and the unamortized balance (as of Tenant’s proposed relocation date) of the Improvement Allowance and the brokerage commissions paid by Landlord in connection with this Lease (including in connection with any First Offer Space) and therefore payable by Tenant as consideration for such relocation (collectively, the “Economic Terms”). For purposes hereof, space shall not be considered to be available for lease if, at such time, such space is subject to an existing lease or Landlord is in discussions with a prospective tenant to lease such space. If Landlord’s Response Notice indicates that space meeting the requirements of Tenant’s Request Notice is then available, Landlord and Tenant shall negotiate, in good faith, to reach agreement on Economic Terms of Tenant’s lease of such space and the terms of a new lease for such space. If Landlord and Tenant are able to reach agreement and enter into a new lease for such space within thirty (30) days after the Response Notice, this Lease shall terminate as of the commencement ...
Relocation Option. In the event Lessor determines to utilize the leased premises for other purposes during the term of this Lease, Lessee agrees to relocate to other space in the building and/or project designated by Lessor, provided such other space is of equal or larger size than the leased premises.
Relocation Option. Intentionally deleted.
Relocation Option. In the event Landlord determines to lease the Leased Premises to a third party or utilize the same for other purposes during the Term of this Lease, Tenant agrees to relocate to other space in the Buildings or any other comparable office building located in Carillon Park designated by Landlord upon one hundred eighty (180) days prior written notice to Tenant, provided such other space is of equal or larger size than the Leased Premises and similar in structure and improvements. Landlord shall pay all out-of-pocket expenses of any such relocation, Including the expenses of moving and reconstruction of all Tenant's furnishings and Landlord furnished improvements, Tenant authorized improvements and any costs associated with duplicate facilities needed to insure uninterrupted business operations of the Tenant. In the event of such relocation, this Lease shall continue in full force and effect without any change in the terms or conditions of this Lease, but with the new location substituted for the old location set forth in Section 1.3 of this Lease and modification to the rental terms, as appropriate, due to modification in the sized of the Leased Premises,
Relocation Option. This section intentionally deleted.
Relocation Option. In the event Landlord determines to utilize the Leased Premises for other purposes during the term of this Lease, Tenant agrees to relocate to other space in the Building designated by Landlord, provided such other space is of equal or larger size than the Leased Premises.
Relocation Option. If the commuting distance from home to work increases by more than 30 km and less than 80 km (one- way) due to the relocation of the employer’s business, the employee has a relocation option. If they choose the relocation option within two years after the date of the decision to relocate the business, they must relocate to a residence no more than 15 km from the new business location within 4 years after the date of the decision to relocate the business.
Relocation Option. At any time up to the last twelve (12) months of the Term, Port may relocate Tenant from the Premises to reasonably comparable space ("Relocation Space") within the Facility or on Port property at Port's expense upon sixty (60) days' prior written notice to Tenant. From and after the date of the relocation, "Premises" shall refer to the Relocation Space into which Tenant has moved and the Base Rent and Tenant's Proportionate Share of Expenses, if any, shall be adjusted based on the rentable square footage of the Relocation Space. Port shall pay Tenant's reasonable costs for moving Tenant's Property and printing and distributing notices to Tenant's customers of Tenant's change of address and three (3) months supply of stationery showing the new address.
Relocation Option. (a) Tenant shall have the option, exercisable by delivery of written notice to Landlord of relocating from all or any portion of the 3rd and 4th floors of the Office Building to alternative space (the "Alternative Space"), at a lower rental rate, as follows:
(1) at any time during the first three (3) Lease Years, within a building(s) to be constructed by Landlord within the Summerlin Center Professional Park; or
(2) at a▇▇ ▇▇▇▇ ▇uring the term of the Lease, within a building to be constructed by Landlord within a five (5) mile radius of the Premises. The Alternative Space shall be of comparable or greater square footage as the vacated space, and each party's obligation hereunder shall be subject to the ability of the parties to reach final agreement on the plans and specifications for the Alternative Space. Tenant's notice shall identify the portion of the Premises to be surrendered to Landlord and shall identify any special needs that Tenant may have for the Alternative Space.
(b) The Base Rent for the Alternative Space shall be calculated based upon the market rental rate for comparable space within the general vicinity of the Office Building (the "Market Rate"). In the event that the parties are unable to reach agreement on the Base Rent for the Alternative Space, then, at the request of either party, Landlord and Tenant shall mutually select an independent MAI appraiser to determine the Market Rate. If the parties are unable to agree upon a single appraiser, then they shall each select one appraiser, and the two (2) appraisers shall select a third appraiser to determine the Market Rate. Any appraisal costs shall be borne equally by the parties.
(c) Upon delivery of the Alternative Space, Tenant shall have a period of thirty (30) days to vacate the portion of the Premises to be surrendered to Landlord, at which time the Base Rent shall be reduced by an amount equal to the portion of the Base Rent attributable to the portion of the Premises returned to Landlord and increased by the Base Rent attributable to the Alternative Space, with a corresponding adjustment in Tenant's Pro Rata Share of the Common Area Maintenance Expenses. Upon delivery of the Alternative Space to Tenant, each party shall, at the request of the other party, execute and deliver an amendment to the Lease to confirm the exclusion of the portion of the Premises vacated by Tenant and the inclusion of the Alternative Space.
(d) In the event that Tenant relocates less than an entire floor,...
Relocation Option. 41.1. Prior to expiration of the initial Term expiring on January 14, 2018, Tenant shall have the option (the “Relocation Option”) to request to relocate from the Premises to another property owned by Landlord or any of its affiliates (the “New Premises”), subject to the following terms and conditions:
(a) Tenant shall exercise its Relocation Option by providing Landlord with at least nine (9) months prior written notice of its election to exercise the Relocation Option; and
(b) The rentable area of the New Premises shall be equal to or greater than sixty thousand (60,000) square feet in the aggregate, taking into account the space in the Building and in the buildings located at 11404 and ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, to the extent the same will comprise the New Premises.
41.2. In the event Tenant exercises the Relocation Option in accordance with Section 41.1, Landlord and Tenant shall negotiate in good faith to determine the base rent for the New Premises and other terms and conditions of Tenant’s occupancy of the New Premises.
41.3. In the event Landlord and Tenant fully execute a lease for the New Premises, Landlord shall pay all reasonable third-party costs incurred by Tenant in connection with such relocation. In such an event, this Lease shall terminate as of the later of (a) the date Tenant surrenders the Premises to Landlord in the condition required by the Lease upon termination and (b) the commencement date of the lease with respect to the New Premises.