Common use of Substitute Space Clause in Contracts

Substitute Space. Section 37.1 At any time during the term of this Lease, Landlord shall have the right to substitute for the Premises other space in Landlord’s Premises (such other space hereinafter called the “Substitute Premises”) by written notice given to Tenant not later than sixty (60) days prior to the date set forth in said notice as the effective date (hereinafter, the “Substitution Date”) for such substitution. Landlord’s notice shall include a floor plan identifying the Substitute Premises, which premises shall have a rentable area equal to or greater than the Premises. Tenant shall vacate the Premises and surrender the same to Landlord on or before the Substitution Date. Tenant’s Base Rent for the Substitute Premises shall be no greater than the Rent on the prior Premises regardless of the increased size of the Substitute Premises. Landlord shall, promptly, after Tenant enters into occupancy of the Substitute Premises and provided Tenant is not then in default of any of the terms or conditions of this Lease, reimburse Tenant for any basic equipment transfer costs and expenses incurred by Tenant in connection with the substitution made hereunder which exceed those costs and expenses which would have been incurred by Tenant had the substitution not been made upon presentation of invoices therefor. From and after the Substitution Date, the term “Premises” shall mean the Substitute Premises for all purposes hereunder.

Substitute Space. Section 37.1 42.01. At any time after the Commencement Date (but not more than once during the term of this LeaseTerm), Landlord shall have the right to substitute for the Premises other space in Landlord’s Premises the Building (such other space hereinafter called the “Substitute PremisesSpace”) for the demised premises by written notice (a “Substitution Notice”) given to Tenant designating the space so substituted for the demised premises. Landlord agrees that the Substitution Notice shall not later than sixty require a Substitution Date (60hereinafter defined in Section 42.02.(A) days hereof) that falls either prior to the date set forth first (1st) anniversary of the Rent Commencement Date or during the last year of the Term, as same may be extended or renewed pursuant to Article 45 hereof or otherwise. The Substitute Space shall have a rentable area substantially similar to the demised premises, a similar window line to that of the demised premises, a view similar to that of the demised premises and shall be on a floor in said notice the Building no lower than the twenty-first (21st) floor. Notwithstanding such substitution of space, this Lease and all the terms, provisions, covenants and conditions contained in this Lease shall remain and continue in full force and effect, except that the demised premises shall be and be deemed to be the Substitute Space, with the same force and effect as if the Substitute Space were originally specified in this Lease as the demised premises demised hereunder. 42.02. In the event of the substitution of space as provided in Section 42.01 the following provisions (A) through (D) shall apply: (A) If the Substitute Space has a rentable area less than the rentable area of the demised premises, the basic annual rent payable under this Lease and the additional rent payable under this Lease, effective on the date that Tenant takes possession of the Substitute Space (hereinafter, the “Substitution Date”) for such substitution. Landlord’s notice ), shall include a floor plan identifying be decreased to reflect the lesser number of rentable square feet in the Substitute PremisesSpace, which premises provided, however, that in no event shall have a the Substitute Space contain less than ninety-five (95%) percent of the rentable area equal to or greater than the Premises. Tenant shall vacate the Premises and surrender the same to Landlord on or before the Substitution Date. Tenant’s Base Rent for the Substitute Premises shall be no greater than the Rent on the prior Premises regardless of the increased size of the Substitute Premises. demised premises. (B) Landlord shall, promptlyat Landlord’s expense, prepare the Substitute Space in substantially the same manner and to substantially the same level of finish and layout as Landlord and Tenant have prepared the demised premises (including any subsequent alterations made by Tenant) and Landlord shall have the right to remove any floor covering, cabinet work, and any other decoration to the Substitute Space, as well as telephone lines and any other communication line to the Substitute Space. (C) As soon as Landlord has completed preparing the Substitute Space as set forth in Section 42.02, Tenant, upon thirty (30) days’ prior written notice, shall move to the Substitute Space at Landlord’s sole cost and expense, and upon failure of Tenant so to move to the Substitute Space, Landlord, as Tenant’s agent, may remove Tenant from the demised premises to the Substitute Space. The failure of Tenant to move to the Substitute Space pursuant to this Article 42 shall be deemed a default under this Lease. (D) Promptly after Tenant enters shall enter into occupancy of the Substitute Premises and provided Space, Landlord shall reimburse Tenant, if Landlord shall have given the Substitution Notice after Tenant is not then in default has moved into the demised premises, for Tenant’s actual moving expenses, but only to the extent they are reasonable. Upon request from Landlord, Tenant shall supply Landlord with satisfactory evidence of any of the terms or conditions of this Lease, reimburse Tenant for any basic equipment transfer costs and out-of-pocket expenses incurred by Tenant in connection with moving from the demised premises to the Substitute Space. 42.03. Following any substitution made hereunder which exceed those costs of space pursuant to this Article 42, Landlord and expenses which would have been incurred by Tenant had Tenant, promptly at the request of either party, shall execute and deliver a supplementary agreement setting forth such substitution not been made upon presentation of invoices therefor. From and after space, the Substitution Date, Date and the term “Premises” shall mean change (if any) in the Substitute Premises for all purposes hereunderbasic annual rent and additional rent.

Substitute Space. Section 37.1 At any time during the term of this LeaseLandlord, Landlord shall have the right to substitute for the Premises other space in Landlord’s Premises (such other space hereinafter called the “Substitute Premises”) by written notice given to Tenant at its sole expense, upon not later less than sixty (60) days prior written notice to Tenant (the “Relocation Notice”), may request that Tenant to relocate from the Demised Premises to other premises of comparable size within the Center in order to permit Landlord to consolidate the Demised Premises with other adjoining space leased or to be leased to another tenant in or coming into the Building; provided, however, that in the event of delivery of any such Relocation Notice, Tenant, by written notice to Landlord given not later than thirty (30) days following Tenant’s receipt of the Relocation Notice, may elect not to relocate to such other premises, and in lieu thereof, may terminate this Lease and Tenant shall thereafter vacate the Demised Premises no later than thirty (30) days after the expiration of such thirty (30) day period. In the event of any such relocation, Landlord shall: (i) pay all the expenses of preparing and decorating the new premises so that such premises will be substantially similar to the date set forth in said notice as the effective date (hereinafter, the “Substitution Date”) for such substitution. Landlord’s notice shall include a floor plan identifying the Substitute Demised Premises, which premises shall have a rentable area equal including the laboratory space and all tenant improvements and alterations, window lines and substantially similar access to or greater than natural light within the full premises; (ii) pay the expense of moving Tenant’s furniture, furnishings, fixtures, trade fixtures, equipment, files and other personal property to the new premises; (iii) pay the reasonable costs of replacing existing stocks of Tenant’s letterhead, envelopes, billing statements and other stationery having Tenant’s address thereon, and (iv) pay the expenses to install, recalibrate and otherwise prepare for use all of Tenant’s equipment in the Premises. Use and occupancy by Tenant of the new premises shall be under and pursuant to the same terms, conditions and provisions of this Lease and Tenant shall vacate execute any and all amendments to this Lease as Landlord shall deem necessary to effectuate the Premises and surrender the same to Landlord on or before the Substitution Date. Tenant’s Base Rent for the Substitute Premises shall be no greater than the Rent on the prior Premises regardless of the increased size of the Substitute Premises. Landlord shall, promptly, after Tenant enters into occupancy of the Substitute Premises and provided Tenant is not then in default of any of the terms or conditions provisions of this Lease, reimburse Tenant for any basic equipment transfer costs and expenses incurred by Tenant in connection with the substitution made hereunder which exceed those costs and expenses which would have been incurred by Tenant had the substitution not been made upon presentation of invoices therefor. From and after the Substitution Date, the term “Premises” shall mean the Substitute Premises for all purposes hereunderSection.