Building Expansion Option Clause Samples

Building Expansion Option. Landlord hereby grants to Tenant the option ("Building Expansion Option") to lease the Building Expansion Space (as that term is defined below) upon the terms and conditions set forth below in this Section 1.4

Building Expansion Option. Tenant shall have the option (the “Expansion Option”), upon satisfaction of the conditions hereinafter set forth and subject to and to the extent permitted under applicable laws and ordinances, to construct or cause Landlord to construct an addition to the Building of up to approximately 106,160 square feet of space (hereinafter referred to as the “Addition”), which Addition shall, in Landlord’s reasonable determination, be architecturally compatible with the existing Building on the Premises and which Addition shall be constructed so that the Building and the Addition will constitute a single purpose building. Tenant’s option and Landlord’s obligation to construct the Addition shall be subject to satisfaction of the following conditions: (i) no Event of Default under this Lease shall exist at the time of Tenant’s written notification to Landlord of its intent to exercise its Expansion Option and thereafter and no event shall have occurred during such time which would, with the passage of time or the giving of notice, or both, constitute such an Event of Default; (ii) neither this Lease nor Tenant’s right to possession of the Premises shall have been terminated; (iii) except as expressly allowed under this Lease (and except with respect to the Farming Agreement), the Tenant shall not have sublet any portion of the Premises and shall not have assigned any rights hereunder; and (iv) Tenant shall obtain all necessary approvals and permits required by the City of Naperville in connection with the construction of the Addition.

Building Expansion Option