Abated Base Rent. Provided that Tenant is not then in default of the Lease, then during the period commencing on the first (1st) day of the second (2nd) full calendar month of the Expansion Term and continuing through and including the last day of the ninth (9th) full calendar month of the Expansion Term (the “Full Base Rent Abatement Period”), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the total Premises (i.e., the Existing Premises and the Expansion Premises) during such Full Base Rent Abatement Period (the “Full Base Rent Abatement”). In addition, with respect to the portion of the Premises located only on the third (3rd) floor, Tenant shall not be obligated to pay (the “Third Floor Base Rent Abatement”) Base Rent in the amount of $110,466.80 per month for the period commencing on the first (1st) day of the tenth (10th) full calendar month of the Expansion Term and continuing through and including the last day of the twelfth (12th) full calendar month of the Expansion Term, nor Base Rent in the amount of $113,780.80 per month for the period commencing on the first (1st) day of the thirteenth (13th) full calendar month of the Expansion Term and continuing through and including the last day of the fifteenth (15th) full calendar month of the Expansion Term. (The Third Floor Base Rent Abatement and the Full Base Rent Abatement are, collectively, the “Aggregate Base Rent Abatement”.) Landlord and Tenant acknowledge that the Aggregate Base Rent Abatement equals $4,177,669.60 (i.e., $672,742.80 for the Third Floor Base Rent Abatement and $3,504,926.80 for the Full Base Rent Abatement). ▇▇▇▇▇▇ acknowledges and agrees that the foregoing Aggregate Base Rent Abatement has been granted to Tenant as additional consideration for entering into this Third Amendment, and for agreeing to pay the Rent and performing the terms and conditions otherwise required under the Lease. If Tenant shall be in default under the Lease and shall fail to cure such default within the notice and cure period, if any, permitted for cure pursuant to the terms and conditions of the Lease, or if the Lease is terminated for any reason other than Landlord’s breach of the Lease, then the dollar amount of the unapplied portion of the Aggregate Base Rent Abatement as of the date of such default or termination, as the case may be, shall be converted to a credit to be applied to the Base Rent applicable at the end of the Expansion Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises in full.
Appears in 1 contract
Abated Base Rent. Provided that Notwithstanding the foregoing, Tenant is shall not then in default be required to pay monthly installments of Base Rent otherwise attributable to the Lease, then during Premises for the period commencing on the first initial four (1st) day of the second (2nd4) full calendar month months of the Expansion Term and continuing through and including the last day of the ninth (9th) full calendar month of the Expansion Lease Term (the “Full Base Rent Abatement Period”), Tenant which period shall not be obligated to pay any Base Rent otherwise attributable determined pursuant to the total Premises (i.e.terms of this Section 3.2. If the Lease Commencement Date occurs on the first day of a calendar month, then the Existing Premises and the Expansion Premises) during such Full Base Rent Abatement Period shall commence on the Lease Commencement Date and expire on the last day of the fourth (4th) month of the “Full Lease Term. If, however, the Lease Commencement Date occurs on a day other than the first day of a calendar month, then, the Base Rent Abatement”). In addition, with respect to the portion of the Premises located only Abatement Period shall commence on the third (3rd) floor, Tenant shall not be obligated to pay (the “Third Floor Base Rent Abatement”) Base Rent in the amount first day of $110,466.80 per month for the period commencing on the first (1st) day of the tenth (10th) full calendar month of the Expansion Lease Term and continuing through and including expire on the last day of the twelfth fourth (12th4th) full calendar month of the Expansion Lease Term, nor . The amount of the Abated Monthly . Base Rent in the amount of shall be Thirty Thousand One Hundred Fifty-Three and 70/100 Dollars ($113,780.80 30,153.70) per month for the period commencing on the first (1st) day each of the thirteenth four (13th4) full calendar month months of the Expansion Term and continuing through and including the last day of the fifteenth (15th) full calendar month of the Expansion Term. (The Third Floor Base Rent Abatement Period and shall not exceed a total of One Hundred twenty Thousand Six Hundred Fourteen and 80/100 Dollars ($120,614.80) in the Full aggregate. The foregoing Abated Monthly Base Rent Abatement are, collectively, the “Aggregate Base Rent Abatement”.) Landlord and Tenant acknowledge that the Aggregate Base Rent Abatement equals $4,177,669.60 (i.e., $672,742.80 for the Third Floor Base Rent Abatement and $3,504,926.80 for the Full Base Rent Abatement). ▇▇▇▇▇▇ acknowledges and agrees that the foregoing Aggregate Base Rent Abatement has been granted to Tenant as additional consideration for entering into this Third AmendmentLease, and for agreeing to pay the Rent rent and performing the terms and conditions otherwise required under the this Lease. If Tenant shall be in default under of this Lease during the Lease Base Abatement Period and shall fail to cure such default within the notice and cure period, if any, permitted for such cure pursuant to the terms and conditions of the Lease, or if the Lease is terminated for any reason other than Landlord’s breach of the this Lease, then Landlord may at its option, by notice to Tenant, elect, in addition to any other remedies Landlord may have under this Lease, one or both of the following remedies: (i) that Tenant shall immediately become obligated to repay the Landlord all Base Rent abated hereunder to date, with interest as provided pursuant to this Lease from the date such Base Rent would have otherwise been due but for the abatement provided herein, or (ii) that the dollar amount of the unapplied portion of the Aggregate such Abated Monthly Base Rent Abatement as of the date of such default or termination, as the case may be, shall be converted to a credit to be applied to the Base Rent applicable to the Premises at the end of the Expansion Lease Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises in full.. 621575.04/WLA B0452-039/11-6-07/sb/sb -▇- ▇▇▇▇ ▇▇▇▇▇▇▇ PLAZA [BrightSource Energy, Inc.]
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Abated Base Rent. Provided that Tenant no event of default is not then in default occurring on or before the last day of the Leasethird (3rd) full calendar month of the Lease Term, then Tenant shall not be obligated to pay (i) any Base Rent (the “Full Base Rent Abatement”) otherwise attributable to the Premises during the two (2) month period commencing on the first (1st) day of the first (1st) full calendar month of the Lease Term and ending on the last day of the second (2nd) full calendar month of the Expansion Term and continuing through and including the last day of the ninth (9th) full calendar month of the Expansion Lease Term (the “Full Base Rent Abatement Period”), Tenant shall not be obligated to pay and (ii) seventy-five percent (75%) of any Base Rent otherwise attributable to the total Premises (i.e., the Existing Premises and the Expansion Premises) during such Full Base Rent Abatement Period (the “Full Base Rent Abatement”). In addition, with respect to the portion of the Premises located only on the third (3rd) floor, Tenant shall not be obligated to pay (the “Third Floor Partial Base Rent Abatement”) Base Rent in otherwise attributable to the amount of $110,466.80 per month for Premises during the period commencing on the first third (1st) day of the tenth (10th3rd) full calendar month of the Expansion Lease Term and continuing through and including (the last day of the twelfth (12th) full calendar month of the Expansion Term, nor Base Rent in the amount of $113,780.80 per month for the period commencing on the first (1st) day of the thirteenth (13th) full calendar month of the Expansion Term and continuing through and including the last day of the fifteenth (15th) full calendar month of the Expansion Term. (The Third Floor “Partial Base Rent Abatement Period”). For purposes of this Lease, the Full Base Rent Abatement and the Partial Base Rent Abatement shall collectively be referred to herein as the “Base Rent Abatement,” and the Full Base Rent Abatement are, collectively, Period and the Partial Base Rent Abatement Period shall collectively be referred to herein as the “Aggregate Base Rent Abatement”Abatement Period.) ” Landlord and Tenant acknowledge that the Aggregate aggregate amount of the Base Rent Abatement equals shall equal One Hundred Nineteen Thousand Two Hundred Thirty-Seven and 39/100 Dollars ($4,177,669.60 (i.e., $672,742.80 for the Third Floor 119,237.39). Tenant acknowledges and agrees that during such Base Rent Abatement and $3,504,926.80 Period, such abatement of Base Rent for the Full Premises shall have no effect on the calculation of any future increases in Base Rent or Direct Expenses payable by Tenant pursuant to the terms of this Lease, which increases shall be calculated without regard to such Base Rent Abatement). ▇▇▇▇▇▇ Additionally, Tenant shall be obligated to pay all “Additional Rent” (as that term is defined in Section 4.1 of this Lease) during the Base Rent Abatement Period. Tenant acknowledges and agrees that the foregoing Aggregate Base Rent Abatement has been granted to Tenant as additional consideration for entering into this Third AmendmentLease, and for agreeing to pay the Base Rent and performing perform the terms and conditions otherwise required under the this Lease. If Tenant shall be in default under the this Lease and shall fail to cure such default within the notice and cure period, if any, permitted for cure pursuant to the terms and conditions of the this Lease, or if the Lease this Lease, is terminated for any reason other than Landlord’s breach of the this Lease, then the dollar amount of the unapplied portion of the Aggregate Base Rent Abatement as of the date of such default or termination, as the case may be, shall be converted to a credit to be applied to the Base Rent applicable at the end of the Expansion Lease Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises in full. The foregoing Base Rent Abatement right set forth in this Section 3.2 shall be personal to the Original Tenant and shall only apply to the extent that the Original Tenant (and not any assignee, or any sublessee or other transferee of the Original Tenant’s interest in this Lease) is the Tenant under this Lease during such Base Rent Abatement Period.
Appears in 1 contract
Sources: Office Lease (Versartis, Inc.)
Abated Base Rent. Provided that Tenant no event of economic or material non-economic default is not then in default of occurring (beyond the Lease, then applicable notice and cure periods) during the periods comprising (i) the six (6) month period commencing on the first (1st) day of the second (2nd) full calendar month of the Expansion Term August 1, 2013, and continuing through and including the last day of the ninth (9th) full calendar month of the Expansion Term ending on January 31, 2014 (the “Full Initial Base Rent Abatement Period”), and (ii) the five (5) month fifteen (15) day period commencing on July 1, 2018, and ending on December 15, 2018 (the “Subsequent Base Rent Abatement Period”) (the Initial Base Rent Abatement Period and the Subsequent Base Rent Abatement Period shall be collectively referred to as the “Base Rent Abatement Period”), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the total Premises (i.e., the Existing Premises and the Expansion Premises) during such Full Base Rent Abatement Period (the “Full Base Rent Abatement”). In addition, with respect to the portion of the Premises located only on the third (3rd) floor, Tenant shall not be obligated to pay (the “Third Floor Base Rent Abatement”) Base Rent in the amount of $110,466.80 per month for the period commencing on the first (1st) day of the tenth (10th) full calendar month of the Expansion Term and continuing through and including the last day of the twelfth (12th) full calendar month of the Expansion Term, nor Base Rent in the amount of $113,780.80 per month for the period commencing on the first (1st) day of the thirteenth (13th) full calendar month of the Expansion Term and continuing through and including the last day of the fifteenth (15th) full calendar month of the Expansion Term. (The Third Floor Base Rent Abatement and the Full Base Rent Abatement are, collectively, the “Aggregate Base Rent Abatement”.) Landlord and Tenant acknowledge that the Aggregate aggregate amount of the Base Rent Abatement equals One Million Six Hundred Forty-Four Thousand Six Hundred Sixty-Nine and 60/100 Dollars ($4,177,669.60 1,644,669.60) (i.e., One Hundred Thirty-Two Thousand One Hundred Thirty-Nine and 00/100 Dollars ($672,742.80 for 132,139.00) per month during the Third Floor Initial Base Rent Abatement Period and One Hundred Fifty-Four Thousand Eight Hundred Seventy-Nine and 20/100 Dollars ($3,504,926.80 154,879.20) per month during the Subsequent Base Rent Abatement Period). Tenant acknowledges and agrees that during such Base Rent Abatement Period, such abatement of Base Rent for the Full Premises shall have no effect on the calculation of any future increases in Base Rent or Direct Expenses payable by Tenant pursuant to the terms of this Lease, which increases shall be calculated without regard to such Base Rent Abatement). ▇▇▇▇▇▇ Additionally, Tenant shall be obligated to pay all “Additional Rent” (as that term is defined in Section 4.1 of this Lease) during the Base Rent Abatement Period. Tenant acknowledges and agrees that the foregoing Aggregate Base Rent Abatement has been granted to Tenant as additional consideration for entering into this Third AmendmentLease, and for agreeing to pay the Base Rent and performing perform the terms and conditions otherwise required under the this Lease. If Tenant shall be in economic or material non-economic default under the this Lease and shall fail to cure such economic or material non-economic default within the notice and cure period, if any, permitted for cure pursuant to the terms and conditions of the this Lease, or if the Lease this Lease, is terminated for any reason other than Landlord’s breach of the this Lease, then the dollar amount of the unapplied portion of the Aggregate Base Rent Abatement as of the date of such default or termination, as the case may be, shall be converted to a credit to be applied to the Base Rent applicable at the end of the Expansion Lease Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises in full. The foregoing Base Rent abatement right set forth in this Section 3.2 shall be personal to the Original Tenant and any of its Permitted Transferee Assignees and shall only apply to the extent that the Original Tenant or any of its Permitted Transferee Assignees (and not any other assignee, or any sublessee or other transferee of the Original Tenant’s interest in this Lease) is the Tenant under this Lease during such Base Rent Abatement Period.
Appears in 1 contract
Sources: Office Lease (Accelrys, Inc.)
Abated Base Rent. Provided that Tenant is not then Notwithstanding any contrary provisions set forth in default this Article 3 and in Section 4 of the Lease, then during the period commencing on the first (1st) day of the second (2nd) full calendar month of the Expansion Term and continuing through and including the last day of the ninth (9th) full calendar month of the Expansion Term (the “Full Base Rent Abatement Period”)Summary, Tenant shall not be obligated to pay any the monthly installments of Base Rent otherwise attributable to the total Premises for the first two (i.e.2) full calendar months of the Lease Term, and then shall be obligated to pay only one-half (1/2) of the Base Rent attributable to the Premises for the third (3rd), fourth (4th) and fifth (5th) full calendar months of the Lease Term (collectively, the Existing Premises and “Base Rent Abatement”; such period of abatement hereinafter referred to as the Expansion Premises) during such Full “Base Rent Abatement Period”), which Base Rent Abatement Period (the “Full shall run from December 1, 2016 through April 30, 2017. The Base Rent Abatement”). In additionAbatement shall not exceed an aggregate of Three Hundred Seventy-Nine Thousand Twenty-Six and 36/100 Dollars ($379,026.36) (i.e., with respect to $108,293.25 per month during the portion first and second full calendar months of the Premises located only on Lease Term, and $54,146.62 per month during the third (3rd) floorthrough and including the fifth (5th) full calendar months of the Lease Term). Tenant acknowledges and agrees that during such Base Rent Abatement Period, such abatement of Base Rent shall have no effect on the calculation of any Direct Expenses payable by Tenant pursuant to the terms of this Lease, which Direct Expenses (if any) shall be payable during the Base Rent Abatement Period without regard to the Base Rent Abatement. Additionally, notwithstanding the foregoing, Tenant shall not remain and be obligated to pay (during the “Third Floor Base Rent Abatement”) Base Rent in the amount of $110,466.80 per month for the period commencing on the first (1st) day of the tenth (10th) full calendar month of the Expansion Term and continuing through and including the last day of the twelfth (12th) full calendar month of the Expansion Term, nor Base Rent in the amount of $113,780.80 per month for the period commencing on the first (1st) day of the thirteenth (13th) full calendar month of the Expansion Term and continuing through and including the last day of the fifteenth (15th) full calendar month of the Expansion Term. (The Third Floor Base Rent Abatement and the Full Base Rent Abatement are, collectively, the Period all “Aggregate Base Rent Abatement”.) Landlord and Tenant acknowledge Additional Rent,” as that the Aggregate Base Rent Abatement equals $4,177,669.60 (i.e., $672,742.80 for the Third Floor Base Rent Abatement and $3,504,926.80 for the Full Base Rent Abatement)term is defined in Section 4.1. ▇▇▇▇▇▇ acknowledges and agrees that the The foregoing Aggregate Base Rent Abatement has been granted to Tenant as additional consideration for entering into this Third AmendmentLease, and for agreeing to pay the Rent and performing the terms and conditions otherwise required under the this Lease. If Tenant shall be in default Economic Default or Material Non-Economic Default under this Lease at any time during the Lease and shall fail to cure such default within Base Rent Abatement Period beyond the expiration of all applicable notice and cure periodperiods, if any, permitted for cure then the unamortized portion of the Base Rent Abatement granted to Tenant pursuant to this Section 3.2 may be considered when determining the remedies available to Landlord pursuant to the terms and conditions of the Article 19 of this Lease, or if the Lease is terminated for any reason other than Landlord’s breach of the Lease, then the dollar amount of the unapplied portion of the Aggregate Base Rent Abatement as of the date of such default or termination, as the case may be, shall be converted to a credit to be applied to the Base Rent applicable at the end of the Expansion Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises in full.”
Appears in 1 contract
Abated Base Rent. Provided that Tenant is not then Notwithstanding any contrary provisions set forth in default this Article 3 and in Section 4 of the Lease, then during the period commencing on the first (1st) day of the second (2nd) full calendar month of the Expansion Term and continuing through and including the last day of the ninth (9th) full calendar month of the Expansion Term (the “Full Base Rent Abatement Period”)Summary, Tenant shall not be obligated to pay any the monthly installments of Base Rent otherwise attributable to the total Premises for the first two full calendar months of the Lease Term, and then shall be obligated to pay only one-half of the Base Rent attributable to the Premises for the third, fourth, fifth, sixth and seventh full calendar months of the Lease Term (i.e.collectively, the Existing Premises and “Base Rent Abatement”; such period of abatement hereinafter referred to as the Expansion Premises) during such Full “Base Rent Abatement Period”), which Base Rent Abatement Period (is anticipated to run from December 1, 2016 through June 30, 2017. In connection with the “Full foregoing, but subject to the express provisions of this Section 3.2, the Base Rent Abatement”). In additionAbatement provided to Tenant pursuant to this Section 3.2 during the Base Rent Abatement Period shall not exceed an aggregate of Four Hundred Eighty-Seven Thousand Three Hundred Nineteen and 60/100 Dollars ($487,319.60) (i.e., with respect to $108,293.25 per month during the portion first and second full calendar months of the Premises located only on Lease Term, and $54,146.62 per month during the third (3rd) floor, Tenant shall not be obligated to pay (the “Third Floor Base Rent Abatement”) Base Rent in the amount of $110,466.80 per month for the period commencing on the first (1st) day of the tenth (10th) full calendar month of the Expansion Term and continuing through and including the last day seventh full calendar months of the twelfth Lease Term). Notwithstanding the foregoing, if (12tha) Landlord delivers Phase One to Tenant Ready for Occupancy on or before the Phase One Anticipated Delivery Date, then Tenant shall lose one full calendar month of the Expansion Term, nor Base Rent in Abatement, and/or (b) Landlord delivers Phase Two to Tenant Ready for Occupancy on or before the amount of $113,780.80 per month for the period commencing on the first (1st) day of the thirteenth (13th) Phase Two Anticipated Delivery Date, then Tenant shall lose one full calendar month of the Expansion Term and continuing through and including the last day of the fifteenth (15th) full calendar month of the Expansion Term. (The Third Floor Base Rent Abatement and the Full Base Rent Abatement are, collectively, the “Aggregate Base Rent Abatement”.) Landlord and Tenant acknowledge that the Aggregate Base Rent Abatement equals $4,177,669.60 (i.e., $672,742.80 for the Third Floor Base Rent Abatement and $3,504,926.80 for the Full a maximum of two full months of lost Base Rent Abatement). ▇▇▇▇▇▇ Conversely, if (c) Landlord fails to deliver Phase One to Tenant Ready for Occupancy on or before the Phase One Anticipated Delivery Date; provided, however, that such Phase One Anticipated Delivery Date shall be deemed extended by one (1) day for each day of Tenant Delay including any delay by Tenant in adhering to the development schedule attached hereto as Schedule 2 of Exhibit B and Force Majeure delays (but excluding delays in obtaining required governmental permits within the time periods set forth in the development schedule), then Tenant shall be entitled to receive one additional full month of Base Rent Abatement, and/or (d) Landlord fails to deliver Phase Two to Tenant Ready for Occupancy on or before the Phase Two Anticipated Delivery Date; provided, however, that such Phase Two Anticipated Delivery Date shall be deemed extended by one (1) day for each day of Tenant Delay (including any delay by Tenant in adhering to the development schedule) and Force Majeure delays (but excluding delays in obtaining required governmental permits within the time periods set forth in the development schedule), then Tenant shall be entitled to receive one additional full month of Base Rent Abatement (i.e., a maximum of two full months of additional Base Rent Abatement). By way of example only, (x) if Landlord delivers Phase One on or before the Phase One Anticipated Delivery Date and delivers Phase Two on or before the Phase Two Anticipated Delivery Date, then Tenant shall lose two full months of Base Rent Abatement, which shall be the first and second full calendar months of the Lease Term, (y) if Landlord fails to deliver Phase One on or before the Phase One Anticipated Delivery Date and fails to deliver Phase Two on or before the Phase Two Anticipated Delivery Date, then Tenant shall be entitled to receive two full months of additional Base Rent Abatement, which shall be the eighth and ninth full calendar months of the Lease Term, and (z) if Landlord delivers Phase One on or before the Phase One Anticipated Delivery Date but fails to deliver Phase Two on or before the Phase Two Anticipated Delivery Date, or vice versa, then there shall be no change in the amount of Base Rent Abatement, because the two events shall offset each other. Tenant acknowledges and agrees that during such Base Rent Abatement Period, such abatement of Base Rent shall have no effect on the calculation of any Direct Expenses payable by Tenant pursuant to the terms of this Lease, which Direct Expenses (if any) shall be payable during the Base Rent Abatement Period without regard to the Base Rent Abatement. Additionally, notwithstanding the foregoing, Tenant shall remain and be obligated to pay during the Base Rent Abatement Period: (i) all “Additional Rent,” as that term is defined in Section 4.1, below; and (ii) any “Additional Monthly Base Rent,” as that term is defined in Section 2.2 of the Work Letter. The foregoing Aggregate Base Rent Abatement has been granted to Tenant as additional consideration for entering into this Third AmendmentLease, and for agreeing to pay the Rent and performing the terms and conditions otherwise required under the this Lease. If Tenant shall be in default Economic Default or Material Non-Economic Default under this Lease at any time during the Lease and shall fail to cure such default within Base Rent Abatement Period beyond the expiration of all applicable notice and cure periodperiods, if any, permitted for cure then the unamortized portion of the Base Rent Abatement granted to Tenant pursuant to this Section 3.2 may be considered when determining the remedies available to Landlord pursuant to the terms and conditions of the Article 19 of this Lease, or if the Lease is terminated for any reason other than Landlord’s breach of the Lease, then the dollar amount of the unapplied portion of the Aggregate Base Rent Abatement as of the date of such default or termination, as the case may be, shall be converted to a credit to be applied to the Base Rent applicable at the end of the Expansion Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises in full.
Appears in 1 contract
Abated Base Rent. Provided that Tenant is not then in default of the Lease, after expiration of any applicable notice and cure periods, then (i) during the six (6) month period commencing on the first Phase I Premises Commencement Date and ending on date that is six (1st6) day of the second (2nd) full calendar month of the Expansion Term and continuing through and including the last day of the ninth (9th) full calendar month of the Expansion Term months thereafter (the “Full Base Initial Rent Abatement Period”), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the total Phase I Premises during such Rent Abatement Period, and (ii) during the six (6) month period from the end of the Initial Rent Abatement Period and ending on the day that is twelve (12) months after the Lease Commencement Date (the "Second Rent Abatement Period"), Tenant shall be obligated to pay Base Rent with respect to the Phase I Premises as if the Phase I Premises contained only 32,534 RSF (i.e., the Existing Premises and Base Rent payable during the Expansion Premises) during such Full Base Second Rent Abatement Period shall be equal to $92,721 per month) (the abated rent for the Initial Rent Abatement Period and Second Rent Abatement Period, collectively, the “Full Base Rent Abatement”). In addition, with respect to the portion of the Premises located only on the third (3rd) floor, Tenant shall not be obligated to pay (the “Third Floor Base Rent Abatement”) Base Rent in the amount of $110,466.80 per month for the period commencing on the first (1st) day of the tenth (10th) full calendar month of the Expansion Term and continuing through and including the last day of the twelfth (12th) full calendar month of the Expansion Term, nor Base Rent in the amount of $113,780.80 per month for the period commencing on the first (1st) day of the thirteenth (13th) full calendar month of the Expansion Term and continuing through and including the last day of the fifteenth (15th) full calendar month of the Expansion Term. (The Third Floor Base Rent Abatement and the Full Base Rent Abatement are, collectively, the “Aggregate Base Rent Abatement”.) Landlord and Tenant acknowledge that the Aggregate Base Rent Abatement equals $4,177,669.60 (i.e., $672,742.80 for the Third Floor Base Rent Abatement and $3,504,926.80 for the Full Base Rent Abatement). ▇▇▇▇▇▇ acknowledges and agrees that the foregoing Aggregate Base Rent Abatement has been granted to Tenant as additional consideration for entering into this Third AmendmentLease, and for agreeing to pay the Rent and performing perform the terms and conditions otherwise required under the this Lease. If Tenant shall be in default under the Lease and shall fail to cure such default within the Lease, after expiration of any applicable notice and cure period, if any, permitted for cure pursuant to the terms and conditions of the Lease, or if the Lease is terminated for as a result of an Event of Default by Tenant, then Landlord may at its option, by notice to Tenant, elect, in addition to any reason other than Landlord’s breach of the remedies Landlord may have under this Lease, then that the dollar amount of the unapplied portion of the Aggregate Base Rent Abatement as of the date of such default or termination, as the case may be, termination shall be converted to a credit to be applied to the Base Rent applicable at the end of the Expansion Lease Term and Tenant shall immediately be obligated to begin paying pay Base Rent for the Phase I Premises in full.
Appears in 1 contract
Sources: Office Lease (Zeltiq Aesthetics Inc)