Second Expansion Option Clause Samples
The Second Expansion Option clause grants a tenant the right to lease additional space in the property at a later date, typically after the initial lease term or upon meeting certain conditions. This clause outlines the specific area available for expansion, the timeframe in which the option can be exercised, and the terms—such as rent and duration—that will apply to the expanded space. Its core practical function is to provide the tenant with flexibility to accommodate future growth while giving both parties clarity on how such an expansion would be handled.
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Second Expansion Option. (A) On the conditions (which conditions Landlord may waive by written notice to Tenant) that, both at the time that Tenant gives Landlord the Second Expansion Exercise Notice, as hereinafter defined, and as of the Second Expansion Premises Commencement Date, as hereinafter defined: (i) there exists no Event of Default, (ii) this Lease is still in full force and effect, (iii) Tenant has not assigned this Lease nor sublet more than thirty percent (30%) of the Rentable Floor Area of the Premises (excluding any assignment or sublease permitted without Landlord’s consent under Section 12.2), (iv) Tenant shall not have previously elected to incorporate the Designated Second Expansion Space into the Premises, then, subject to Section 17.7(D), Tenant shall have the option to lease a Qualifying Expansion Space in the Building designated by Landlord, as hereinafter provided. Notwithstanding the foregoing, if Tenant shall have previously elected to incorporate less than the entirety of the Designated Second Expansion Space into the Premises, then the remainder thereof shall thereafter constitute the Designated Second Expansion Space, and shall constitute Qualifying Expansion Space whether or not such space is comprised of less than 16,000 square feet of Rentable Floor Area.
(B) If Tenant wishes to lease the Second Expansion Premises, Tenant shall exercise its option to lease the Second Expansion Premises by giving written notice (“Second Expansion Exercise Notice”) to Landlord on or before December 31, 2012, requesting Landlord’s quotation of the annual Fair Market Rental Value for the Second Expansion Premises as of the Second Expansion Premises Commencement Date. If Tenant fails timely to give such notice, Tenant shall have no further right to lease the Second Expansion Premises.
(C) Upon the timely giving of such Second Expansion Exercise Notice, Landlord shall within thirty (30) days give written notice to Tenant of Landlord’s quotation of the proposed annual rent for the Second Expansion Premises as of the Second Expansion Premises Commencement Date (“Landlord’s Second Expansion Premises Rent Quotation”) which will specify, if any, the leasehold improvement allowance that Landlord proposes to offer in connection therewith (“Second Expansion Improvement Allowance”). Landlord and Tenant shall negotiate in good faith to reach agreement on the rent for the Second Expansion Premises. If at the expiration of thirty (30) days after the date when Landlord provides Landl...
Second Expansion Option. It is understood by execution of this Second Amendment to Lease, Tenant has hereby exercised its "Second Expansion Option".
Second Expansion Option. The "Second Expansion Option" is an option to include within the Demised Premises that area (the "Second Expansion Space") shown on Exhibit "B-4". The "Second Expansion Option Exercise Deadline" is the last day of August, 1996. The "Second Expansion Rentable Floor Area" is hereby conclusively agreed by the parties to be 10,208 square feet. The "Second Expansion Option Rent Commencement Date" shall be the earlier of (i) the date of occupancy of any portion of the Second Expansion Space or (ii) December 15, 1996; provided, however, if occupancy is delayed solely due to Landlord Delay, the "120 days" immediately above shall be increased by the number of days of delay solely attributable to Landlord Delay. The "Construction Allowance" for the Second Expansion Space shall be equal to $4.50 (i) multiplied by the number of whole months remaining in the 120-month Lease Term after the Second Expansion Option Rent Commencement Date, (ii) divided by 120 and (iii) multiplied by the Second Expansion Rentable Floor Area. It is further agreed Exhibit "B-5" attached hereto outlines the space Tenant leased in its First Expansion Option."
Second Expansion Option. The "Second Expansion Option" is an option to include within the Demised Premises that area (the "Second Expansion Space") shown on Exhibit "B -5". The "Second Expansion Option Exercise Deadline" is the last day of August, 1996. The "Second Expansion Rentable Floor Area" is hereby conclusively agreed by the parties to be 10,208 square feet. The "Second Expansion Option Rent
Second Expansion Option. Premises: 2,21 1 sf on 14th floor, currently leased to Broker Investment Management (see attached). - Notice to LL: By 3/15/01. - Effective Date: Between 9/15/01 and 3/15/02 (Landlord shall notify Tenant of Effective Date within 30 days after exercise). - Base Rent: Rate per sf for remainder of Premises, including increases. - Tenant Improvements: None NOTE: Second expansion rights are subject to the rights of Broker Investment Management to exercise its option to renew. - LL may lease such space to other tenants prior to Effective Date; however, if LL does not deliver possession on or before 150th day following the Effective Date, Tenant may withdraw exercise of expansion option by delivering notice to LL by the 160th day following the scheduled Effective Date. Tetra Pak, Inc. (15th & 16th Floors) (9/l/91 - 8/31/01) -------------------------------------------------------
Second Expansion Option. (a) Provided that on the date Tenant exercises the Second Expansion Option (i) this Lease has not been terminated, (ii) Landlord has not delivered to Tenant a notice electing to terminate this Lease in accordance with Section 6.05 which remains in effect and (iii) Tenant is a Coach Tenant or a successor of a Coach Tenant by assignment of this Lease in accordance with Article 5, Tenant shall have the option (the “Second Expansion Option”) to lease the entire 25th floor of the Building (the “Second Expansion Space”). The Second Expansion Option shall be exercisable by Tenant giving Landlord notice thereof (the “Second Expansion Notice”) on or prior to June 29, 2025 (time being of the essence).
(b) If Tenant timely gives the Second Expansion Notice, then (i) on or before the later of (x) the date that is 90 days after the giving of the Second Expansion Notice and (y) the date that is 270 days before the first day of the Second ES Delivery Period, Landlord shall give to Tenant a notice designating (A) the date during the Second ES Delivery Period on which Landlord expects that the Second Expansion Space will become Available, subject to holdover by the existing occupant and Unavoidable Delay (such date, the “Anticipated Second ES Inclusion Date”) and (B) the rentable square footage of the Second Expansion Space and (ii) subject to Section 10.02(d) below, on the Second ES Inclusion Date, the Second Expansion Space shall become part of the Office Premises and the Premises, without any further act on the part of Landlord or Tenant and upon all of the terms and conditions of this Lease applicable to the Office Premises, except that, from and after the Second ES Inclusion Date:
(i) Fixed Rent shall be increased by the Second ES Fair Market Rent for the Second Expansion Space and the rentable square footage of the Premises shall be adjusted by adding the rentable square footage of the Second Expansion Space (which shall be determined in accordance with the Measurement Standard);
(ii) Each of Tenant’s Tax Share and Tenant’s Operating Share shall be appropriately increased (provided that the method of calculating the numerator shall be the same as the method of calculating the denominator at such time of calculation);
(iii) Tenant shall be entitled to any rent abatement and/or work allowance determined in accordance with Section 10.02(f) below; and
(iv) Other than as expressly set forth in Section 10.02(a) and this Section 10.02(b), Landlord shall not be required to p...
Second Expansion Option. Tenant shall have the option of expanding the Premises to include a portion of Building 7 or Building 9 (the "Second Expansion Space"), as determined by Landlord pursuant to the provisions below. Tenant may exercise this option by delivering written notice thereof to Landlord on or not greater than thirty (30) days before the last day of the fourth (4th)
Second Expansion Option. If (i) Tenant shall have not assigned this Lease (other than pursuant to Paragraph 21(C)), (ii) Tenant shall have not subleased more than 25% of the Premises for all or substantially all of the remaining Term (excluding subleases pursuant to Paragraph 21(C)), and (iii) this Lease shall then be in full force and effect, then Tenant shall have the one-time option (the “Second Expansion Option”) to expand the Premises to include the Second Expansion Premises upon the following terms and conditions:
(i) If Paragraph 35(A)(iv) and clause (d) thereof is applicable or if Paragraph 35(A)(vi) and clause (d) thereof is applicable, then, in either such case, the Second Expansion Option shall be void and of no force or effect.
Second Expansion Option. Tenant is hereby granted the Second Expansion Option described at Exhibit G hereto, which is incorporated herein by this reference. The parties hereto have duly executed this Agreement of Lease effective as of the date and year first written above.
Second Expansion Option. Paragraph 35(C) of the Original Lease, as confirmed by the second (2nd) grammatical sentence of Paragraph 6 of the Supplemental Agreement, is hereby amended by deleting subparagraph (i) and subparagraph (ii) thereof and substituting the following therefor:
(i) “The term “Second Expansion Option Scheduled Delivery Date” shall mean the date designated by Landlord, by delivery of written notice to Tenant no later than the thirtieth (30th) day following Landlord’s receipt of the Second Expansion Notice, as the date on which Landlord intends to deliver the Second Expansion Premises to Tenant, which date shall be any date no earlier than February 1, 2015 (such date being the tenth (10th) anniversary of the Mid-Rise Rent Commencement Date) and no later than February 1, 2016 (such date being the eleventh (11th) anniversary of the Mid-Rise Rent Commencement Date). Landlord’s notice shall be irrevocable and shall relate to the entire Second Expansion Premises.