Additional Warehouse Space Clause Samples
The "Additional Warehouse Space" clause defines the terms under which a tenant may request and utilize extra storage or warehouse facilities beyond the initially leased premises. Typically, this clause outlines the process for requesting additional space, the conditions under which it may be granted, and any adjustments to rent or lease terms that result from the expansion. For example, it may specify that additional space is subject to availability and may require a separate agreement or amendment. The core function of this clause is to provide flexibility for tenants whose storage needs may increase over time, while also protecting the landlord by setting clear procedures and limitations for such expansions.
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Additional Warehouse Space a. Pactiv and ▇▇▇▇▇▇▇▇ recognize that the Parties plan to grow their businesses over the Term, and the growth of their businesses may require additional warehouse space in a U.S. market. The Parties will work together collaboratively and in good faith during the Term to find mutually beneficial solutions for additional warehouse space in the U.S. market.
b. In the event that ▇▇▇▇▇▇▇▇’ growth creates the need for additional warehouse space in a U.S. market beyond its current Base Storage capacity and Additional Storage Capacity in the Warehouse supporting Reynolds in that U.S. market under this Agreement, Pactiv will evaluate whether it has unused additional warehouse space within the Warehouse to offer ▇▇▇▇▇▇▇▇. If Pactiv does not have unused additional warehouse space available to offer ▇▇▇▇▇▇▇▇ in a Warehouse in a U.S. market, after taking into account Pactiv's own current operating needs and anticipated growth, Pactiv will assist Reynolds upon request in identifying options for additional warehouse space in the U.S. market. To the extent Pactiv identifies additional warehouse space in the U.S. market that would meet ▇▇▇▇▇▇▇▇’ needs, whether within or outside of the Warehouse serving that U.S. market, Pactiv will provide Reynolds with a proposal to provide and operate the additional warehouse space under this Agreement. Pactiv’s proposal for additional warehouse space will includes a disclosure of cost estimates that Pactiv will incur to provide and operate the additional warehouse space for ▇▇▇▇▇▇▇▇ and the mark-up to be passed to ▇▇▇▇▇▇▇▇ for Pactiv performing these Warehouse Services. ▇▇▇▇▇▇▇▇ will then determine whether to accept Pactiv’s proposal. If ▇▇▇▇▇▇▇▇ accepts Pactiv’s proposal, the Parties will sign an amendment to this Agreement incorporating the agreed upon terms of the accepted proposal. If ▇▇▇▇▇▇▇▇’ rejects Pactiv’s proposal, ▇▇▇▇▇▇▇▇ will have the right to seek alternative arrangements in the U.S. market to secure the additional warehouse space. These arrangements may include Reynolds leasing its own additional warehouse space or setting up its own mixing center(s) to serve the needs of ▇▇▇▇▇▇▇▇’ customers in the U.S. market, which may necessitate Reynolds’ early termination of Warehouse Services at one or more Warehouses in this Schedule in whole or in part. ▇▇▇▇▇▇▇▇ will exercise early termination for all Base Storage Capacity of a Warehouse in a U.S. market only if ▇▇▇▇▇▇▇▇ is unable to procure and operate the required additional war...
Additional Warehouse Space. The Lease is hereby amended to add 5,000 square feet of additional warehouse space to the Premises. Notwithstanding any provision in the Lease to the contrary, the only rent due and payable on this additional 5,000 square feet for the period from the date hereof through September 30, 2012, shall be a lump sum payment by Tenant to Landlord of $3.00 per square foot of annual rent on such additional space, for a total of $23,794.52. Tenant shall pay this lump sum of rent for this additional space to Landlord contemporaneously with receipt of the Letter of Credit. Landlord acknowledges and agrees that Tenant shall not be required to pay the Common Area Maintenance Fee or any other amounts set forth in the Lease in connection with the lease of the 5,000 square feet of additional space. Except as otherwise provided herein, the additional space shall be subject to the other terms and conditions set forth in the Lease.