Contraction Sample Clauses
A Contraction clause defines the circumstances and procedures under which the scope, duration, or scale of an agreement or project may be reduced. Typically, this clause allows one or both parties to decrease their obligations, such as reducing the quantity of goods delivered, shortening the project timeline, or scaling back services provided, often with advance notice or under specific conditions. Its core function is to provide flexibility and manage risk by allowing adjustments to commitments in response to changing needs or unforeseen events.
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Contraction. In the event that the North Apron at the Brunswick-Golden Isles Airport is not constructed as contemplated on Exhibit “B”, which is attached hereto and made a part hereof by reference, the Apron Parcel shall be automatically revised on Exhibit “A” so as to provide that Lessee is only leasing that portion of the land adjacent to both Parcel B and the North Apron. The rent for the Apron Parcel would then be adjusted in accordance with the terms and amounts set forth herein for the reduced square footage.”
5. Add an entirely new paragraph 1.5 to Article I that reads as follows:
Contraction. As of September 1, 2009, (the “Effective Date”) the Premises subject to the Lease shall be amended to be the New Premises and Exhibit A attached to the Lease shall be deleted in its entirety and the attached Exhibit A shall be substituted therefor.
Contraction. If the drilling of the well may be avoided, Without other penalty, by contraction of the Unit Area, Unit Operator shall make reasonable effort to effect such contraction with the approval of the Director.
Contraction. Tenant shall have a one-time right to terminate a portion of the Leased Premises consisting of the top floor (sixth floor) of the Leased Premises, or another full floor if mutually agreed upon by Landlord and Tenant (the “Terminated Floor”) effective March 1, 2017 by providing not less than nine (9) months prior written notice to Landlord (“Contraction Notice”), and, simultaneous with the delivery of the Contraction Notice to Landlord, paying a contraction fee of $625,000 (“Contraction Fee”). The Contraction Fee shall be reported as receipt of a “Contraction Fee” in Landlord’s electronic financial records, it being the intention of the parties that the Contraction Fee is not for rent or use of the Leased Premises and that no State of Florida sales tax shall be due on the Contraction Fee. If sales tax is required to be paid with respect to the O1037432.2 5/9/2014 Contraction Fee, the Tenant shall pay said sales tax, plus all interest, late fees and penalties, within thirty (30) days of imposition by the Florida Department of Revenue, unless the same was due, solely and directly, to the Landlord’s failure to record the Contraction Fee as a Contraction Fee in Landlord’s electronic financial records. Tenant agrees to indemnify Landlord as to any claims, damages, liability or expenses of Landlord, including reasonable attorneys' fees or costs, arising from or related to sales tax that may be due with respect to the Contraction Fee, including any interest, late fees and penalties. This indemnity shall survive the contraction or expiration of the Lease. The foregoing option to downsize is subject to there being no event of default by Tenant under this Lease at the time such option is exercised that is not cured within the applicable cure period and provided that Landlord has not given Tenant notice of default more than two (2) times during the immediately preceding twelve (12) months. Upon Tenant properly exercising its contraction option set forth in this paragraph, the number of parking spaces allocated to Tenant shall be reduced by 91 spaces, and the provisions of Section 4(c) shall be triggered so that Tenant shall no longer have the right to provide the Tenant Maintenance Services. Tenant shall be required to modify Tenant’s security features to allow access to the Terminated Floor, through the building elevators, freight elevator and stairwells, by one or more other tenants of the Building, without passing through Tenant’s security features. Tenant shall no...
Contraction. So long as there is no Event of Default then existing, Landlord hereby grants to Tenant and Tenant shall have the right and options (each, a “Contraction Option”) on the dates set forth below (each, a “Contraction Date”), to reduce the size of the Premises as follows: December 31, 2004 24,431 RSF 18th Floor December 31, 2005 24,431 RSF 17th Floor December 31, 2006 23,291 RSF 16th Floor December 31, 2007 23,139 RSF 15th Floor December 31, 2008 23,139 RSF 14th Floor December 31, 2009 23,139 RSF 19th Floor Tenant shall exercise such rights to reduce the size of the Premises, if at all, by (i) providing Landlord with written notice of Tenant’s election to reduce the size of the Premises at least twelve (12) months prior to the applicable Contraction Date and (ii) specifying in such notice the applicable floor or floors of the Premises (in accordance with the following provisions of this Section 1(c) to be eliminated from the Premises (the “Contraction Space”) and the location of such space (the remaining Premises as reduced by the Contraction Space, herein called the “Premises”). The Contraction Space shall be determined by applying the following rules:
(i) Tenant’s Contraction Options shall be cumulative in the event that Tenant does not exercise a Contraction Option in any year. As a point of clarification, in the event Tenant does not exercise the Contraction Option effective on December 31, 2004 for the 18th Floor, it may contract on December 31, 2005 by both the 18th and 17th Floors. Further as an example, in the event no floors have been contracted pursuant to this Section 2(c) by December 31, 2008, then Tenant shall have the option of contracting all six (6) floors effective December 31, 2009 by providing notice by December 31, 2008.
(ii) Tenant shall elect each Contraction Option in full floor increments only beginning with the 18th floor and proceeding in the following order only: ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇ floor and 19th floor; and
(iii) On or before the applicable Contraction Date, Tenant shall reimburse Landlord for any unamortized commissions, as of the applicable Contraction Date, paid by Landlord (such amount to be amortized over 10 years commencing January 1, 2005 at an interest rate of 9% per annum) and attributable to such Contraction Space. Upon the giving of a contraction notice by Tenant, this Lease shall terminate with respect to the portion of the Contraction Space eliminated therefrom as a result of such reduction at 11:59...
Contraction. If Tenant does not intend to use and occupy up to ----------- ten percent (10%) of the Demised Premises beyond the sixtieth (60th) month, it shall so notify Landlord not less than six (6) months before the aforesaid effective date of said contraction. In that case, Tenant shall quit and surrender up to said ten percent (10%) of the Demised Premises (it being understood that the precise amount and location of such square footage to be so surrendered shall be a leasable unit which shall be mutually determined by Landlord and Tenant) to Landlord on or before the aforesaid effective date of said contraction. Upon such surrender the parties shall promptly enter into an appropriate amendment of the Lease to reduce the Demised Premises, the Fixed Rent, Additional Rent, and all other mutually agreed upon matters.