Contingencies to Contraction Clause Samples

Contingencies to Contraction. Tenant’s right to exercise its right to reduce its rentable area hereunder is subject to, in each case, the following conditions (a) the First Reduction Notice and the Second Reduction Notice, as applicable, shall be duly and timely received by Landlord; (b) as of the date Landlord receives the First Reduction Notice and/or Second Reduction Notice, as applicable, Tenant is in not default under this Lease after notice and lapse of any applicable cure periods; (c) prior to the First Reduction Date and/or Second Reduction Date, as applicable, Tenant shall execute an amendment that is acceptable to Landlord and Tenant in the exercise of their commercially reasonable judgment (“Contraction Amendment”), documenting the surrender of the subject Returned Space (and the commensurate reduction in Tenant’s Share and Tenant’s Common Area Share) and providing for Tenant’s agreement to surrender the space in broom clean condition, reasonable wear and tear excepted, and, at Landlord’s election, for Tenant’s removal of any Extraordinary Improvements (as such term is defined in the Second Amendment) in the subject Returned Space at Tenant’s sole cost, if, at the time such improvements or alterations were installed, Landlord provided Tenant with written notice that the same shall be removed by Tenant at Tenant’s sole cost; and (d) Tenant shall comply with all the requirements contained in this Section 1.8 (including, without limitation, the payment of funds as specified in Section 1.8.4 below). Provided that the conditions set forth above are performed, then as of the First Reduction Date or Second Reduction Date, as applicable, Tenant shall be released from liability for any of its obligations hereunder with respect to the subject Returned Space only.