Adjacent Space. Tenant shall have the option to lease in its entirety the approximately 45,000 rentable square foot premises located adjacent to the Premises described on attached Exhibit F (the "Adjacent Space"). If Tenant elects to so lease the Adjacent Space, Tenant shall provide written notice to Landlord of such election on or before November 30, 2000 and shall specify in such notice the tenant improvements for the Adjacent Space desired by Tenant. Subject to the limits of the tenant improvement allowance provided for herein, the Landlord shall deliver the Premises in the condition requested by Tenant between July 1, and September 30, 2001. The Base Component of the Base Rent applicable to the Adjacent Space shall be equal on a per rentable square foot basis to the Base Component of the Base Rent then in effect for the original Premises. If, prior to delivery of Tenant's election notice, the Adjacent Space is improved in a manner consistent with Tenant's requirements, then the annual Base Rent for the Adjacent Space shall include a Tenant Improvement Component equal to (i) the unamortized cost of such tenant improvements over the remaining term of the Lease at an annual interest rate of 10%, plus (ii) the cost of any additional tenant improvements requested by Tenant, amortized over the remaining term of the Lease at an annual interest rate of 10%. Such Tenant Improvement Component of the Base Rent for the Adjacent Space shall be payable in the same manner as the Tenant Improvement Component of the Base Rent for the initial Premises. Further, the principal amount to be amortized under (i) and (ii), above, shall not exceed $16 per rentable square foot of the Adjacent Space. If, prior to delivery of Tenant's election notice, the Adjacent Space has not been improved beyond its present condition, then Tenant shall be granted a tenant improvement allowance of up to $16.00 per rentable square foot of the Adjacent Space and Landlord shall improve the Adjacent Space to Tenant's specifications set forth in Tenant's election notice (up to the maximum amount of the tenant improvement allowance). In such case, the annual Base Rent for the Adjacent Space shall include a Tenant Improvement Component equal to the actual amount of the tenant improvement allowance expended amortized over the remaining term of the Lease at an annual interest rate of 10%, payable in the same manner as the Tenant Improvement Component of the Base Rent for the initial Premises. Upon delivery of the Adjacent Space to Tenant (with the applicable build out completed), the terms of this Lease shall be made applicable to the Adjacent Space and Tenant's obligation to pay rent for the Adjacent Space shall commence. If (i) Landlord has leased the Adjacent Space to an interim tenant prior to April 1, 2000, or (ii) Landlord has not leased the Adjacent Space to an interim tenant prior to April 1, 2000 but Tenant exercises its option to lease the Adjacent Space on or before July 31, 2000, then the option granted to Tenant for the Adjacent Space shall be provided to Tenant for no additional consideration. If neither of the two preceding conditions are met, then Tenant shall retain the right to exercise the option for the Adjacent Space from August 1, 2000 through December 31, 2000, only if Tenant pays to Landlord on or before July 31, 2000 the amount of $135,000. If Tenant fails to make such payment by such date, Tenant's option for the Adjacent Space shall terminate. If Tenant makes such payment and thereafter timely exercises such option, the amount of such payment shall be credited against the first rental payments due for the Adjacent Space.
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Sources: Office Lease (Metavante Corp)
Adjacent Space. Tenant shall have the option to lease in its entirety the approximately 45,000 rentable square foot premises located adjacent to the Premises described on attached Exhibit F a right of first refusal (the "Adjacent Right of First Refusal"), subject to the terms herein, with respect to the space currently occupied by Union Bio and shown as the "Union Bio Space" on the floor plan attached hereto as Exhibit B-1 (the "Refusal Space"). If Tenant elects to so lease the Adjacent Space, Tenant The Right of First Refusal shall provide written notice to Landlord of such election on or before November 30, 2000 and shall specify in such notice the tenant improvements for the Adjacent Space desired by Tenant. Subject to the limits of the tenant improvement allowance provided for herein, the be exercised as follows: Landlord shall deliver the Premises in the condition requested by send Tenant between July 1, and September 30, 2001. The Base Component of the Base Rent applicable to the Adjacent Space shall be equal on a per rentable square foot basis to the Base Component of the Base Rent then in effect for the original Premises. If, prior to delivery of Tenant's election notice, the Adjacent Space is improved in a manner consistent with Tenant's requirements, then the annual Base Rent for the Adjacent Space shall include a Tenant Improvement Component equal to notice stating that (i) Union Bio intends to vacate the unamortized cost of such tenant improvements over Refusal Space and the remaining term of expected date that the Lease at an annual interest rate of 10%, plus Refusal Space will be available to lease and (ii) the cost rental rate upon which Landlord is willing to lease the Refusal Space, which shall be the fair market rent as determined, in good faith, by Landlord ("Landlord's RFR Notice"). Tenant may lease the Refusal Space by providing Landlord with written notice of any additional tenant improvements requested by Tenantexercise sent within ten (10) days after the date of Landlord's RFR Notice. If Tenant sends notice to Landlord within the time period set forth above electing to lease the Refusal Space, amortized over the remaining term of the Lease at an annual interest rate of 10%. Such Tenant Improvement Component of the Base Rent for the Adjacent Refusal Space shall be payable in the same manner as the Tenant Improvement Component of the Base Rent added to this Lease for the initial Premises. Further, Term and at the principal amount to be amortized under (i) and (ii), above, shall not exceed $16 per rentable square foot of the Adjacent Space. If, prior to delivery of Tenant's election notice, the Adjacent Space has not been improved beyond its present condition, then Tenant shall be granted a tenant improvement allowance of up to $16.00 per rentable square foot of the Adjacent Space and Landlord shall improve the Adjacent Space to Tenant's specifications rental rate set forth in TenantLandlord's election notice (up RFR Notice and the parties shall enter into an amendment to this Lease reflecting the addition of the Refusal Space to the maximum amount of "Premises" and the tenant improvement allowance). In such case, the annual Base Rent for the Adjacent Space shall include a Tenant Improvement Component equal adjustment to the actual amount of the tenant improvement allowance expended amortized over the remaining term of the Lease at an annual interest rate of 10%, payable in the same manner as the Tenant Improvement Component of the Base Basic Rent for the initial Premises. Upon delivery of the Adjacent Space to Tenant (with the applicable build out completed), the terms of this Lease shall be made applicable to the Adjacent Space and Tenant's obligation to pay rent for the Adjacent Space shall commence. If (i) Proportionate Share and such other terms as Landlord has leased the Adjacent Space to an interim tenant prior to April 1, 2000, or (ii) Landlord has not leased the Adjacent Space to an interim tenant prior to April 1, 2000 but Tenant exercises its option to lease the Adjacent Space on or before July 31, 2000, then the option granted to Tenant for the Adjacent Space shall be provided to Tenant for no additional consideration. If neither of the two preceding conditions are met, then Tenant shall retain the right to exercise the option for the Adjacent Space from August 1, 2000 through December 31, 2000, only if Tenant pays to Landlord on or before July 31, 2000 the amount of $135,000may reasonably request. If Tenant fails to make such payment by such datereply within the time period set forth above, Tenantor provides notice that Tenant does not want to lease the Refusal Space, this Right of First Refusal shall automatically terminate and Tenant shall have no further rights under this Section 6, except that Landlord may only lease the Refusal Space to a third party at the rental rate specified in Landlord's option for RFR Notice, if Landlord decreases the Adjacent Space rental rate offered to a third party, Landlord shall provide a new Landlord's RFR Notice to Tenant and its rights under this Section 6 shall apply to the new notice. Notwithstanding the foregoing, upon the occurrence of an Event of Default or upon any subletting of the Premises or assignment of this Lease, this Right of First Refusal shall automatically terminate. If Tenant makes such payment and thereafter timely exercises such optionIn addition, if there is less than five years left in the amount of such payment Term at the time the Refusal Space becomes available, Landlord shall not be credited against the first rental payments due for the Adjacent Spaceobligated to deliver an RFR Notice.
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