Contraction Option. (a) Tenant shall have the one-time right, at its sole option, to surrender to Landlord a portion of the Demised Premises (the “Contraction Option”) up to but not exceeding 10,135 rentable square feet (measured in accordance with Section 2.2 hereof), comprised of a portion of the Demised Premises provided that such portion shall be contiguous and of a configuration so that is reasonably marketable and shall have reasonable and code compliant access and egress (the “Surrender Premises”) effective at the end of the sixth (6th) full Lease Year, (the “Contraction Option Date”) provided, however, that the effectiveness of the exercise of the Contraction Option shall be conditioned upon (i) Tenant delivering a Notice to Landlord exercising the Contraction Option (the “Contraction Option Notice”) not later than the conclusion of the fifth (5th) Lease Year of the initial Term, together with a floor plan identifying the portion of the Demised Premises which shall comprise the Surrender Premises; and (ii) Tenant’s payment to Landlord, on or prior to the Contraction Option Date, of the “Contraction Payment” (as hereinafter defined) equal to the sum of the unamortized portion of the Lease Costs, as hereinafter defined, calculated using an eight percent (8%) interest rate, and multiplied by the fraction where the numerator is the rentable area of the Surrender Premises and the denominator is the rentable area of the Demised Premises (including the Surrender Premises), plus the amount which is equal to three (3) months of Basic Rental payable for the Surrender Premises at the time of the Contraction Option Date (the “Contraction Payment”). For the purposes hereof, Lease Costs shall be defined as the sum of: (w) the Tenant Improvement Allowance, as hereinafter defined, or the portion thereof so utilized by Tenant, (x) the aggregate dollar value of the rental abatement granted to Tenant for the Demised Premises pursuant to Section 1(g) hereof, plus (z) the aggregate dollar amount of all commissions paid to the Brokers in connection with this Lease. Failure of Tenant to make the Contraction Payment in accordance with this paragraph shall render this Contraction Option void and of no effect. Time is of the essence of delivery of the Contraction Option Notice and the Contraction Payment.
Contraction Option. The option to contract granted by Landlord to Tenant under this Lease shall be as set forth in Exhibit C hereto and is specifically incorporated herein by reference.
Contraction Option. (a) Provided that on the date Tenant exercises the Contraction Option and on the Contraction Date (i) with respect to the Contraction Option for the First Contraction Date, Tenant has not exercised the First Expansion Option, and with respect to the Contraction Option for the Second Contraction Date, Tenant has not exercised the Second Expansion Option and (ii) no Termination Notice has been delivered, Tenant shall have the right (each, a “Contraction Option”) to surrender to Landlord as of the applicable Contraction Date, a portion of the Premises equal to, with respect to each Contraction Option, (x) two (2) full floors of the Office Premises, if after giving effect to such contraction Tenant is leasing at least 700,000 Qualified RSF, or (y) one full floor of the Office Premises, if after giving effect to such contraction Tenant is leasing less than 700,000 Qualified RSF, in each case from the portion of the Office Premises closest to the top of the Building (the space Tenant so elects to exclude, the “Contraction Space”), all in accordance with the provisions of this Article 14. Notwithstanding
Contraction Option. (a) Tenant shall have the right to surrender to Landlord the entire 17th Level of the Building (such floor being the "Contracted Portion of the Leased Premises"), at any time on or after March 30, 2007 (such date of surrender being the "Contraction Date") upon irrevocable written notice (the "Contraction Notice") of such election delivered to Landlord not less than 12 months prior to the Contraction Date together with payment to Landlord of the Contraction Payment on or prior to the Contraction Date. The occurrence of any of the following shall render the Contraction Notice null and void:
Contraction Option. (a) Provided that (i) the Subleased Premises include at least [***] ([***]) full floors of the 75 Binney Building, including Floors [***] and [***], (ii) there then exists no Default or condition which, with the giving of notice or passage of time or both, would constitute a Default, and (iii) this Sublease is then in full force and effect, Subtenant shall have the one-time right, at Subtenant’s election, to reduce the size of the Subleased Premises (the “Contraction Option”) by deleting the [***] of the Subleased Premises (the “Contraction Space”), effective upon the seventh (7th) anniversary of the Rent Commencement Date (the “Contraction Date”), provided further that: Portions of this Exhibit, indicated by the xxxx “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.
Contraction Option. (A) Subject to the provisions of Section (B) below and Paragraph 27 hereof, Tenant shall have a one-time option to terminate the Lease effective as of either June 30, 1999 or June 30, 2001 with regard only to the Contraction Space (hereinafter defined in Paragraph 28), and the term of the Lease, with regard solely to the Contraction Space, shall expire in the same manner and with the same effect as if June 30, 1999 or June 30, 2001, as the case may be, were the date set forth in the Lease for the expiration of the term hereof.
Contraction Option. Notwithstanding anything contained in this Lease to the contrary, Tenant and Landlord shall have the option (the “Contraction Option”) to reduce the Demised Property by excluding Parcel 2 from the Demised Property as of July 1, 2011, exercisable by such party by providing written notice to the other party by March 31, 2011 (the “Reduction Notice”); with it being understood that either party’s failure to give the Reduction Notice by said date, whether due to oversight or otherwise, shall render the Contraction Option null and void and this Lease of Parcel 2 shall continue to be in effect through June 30, 2012, as provided in Section 1.01 hereof. From the date of any such Reduction Notice (if any) through Amended and Restated Hialeah Lease 1.9.2011 June 30, 2011, Tenant shall continue to pay to Landlord Base Rent (as hereinafter defined) and any other sums due with respect to Parcel 2 in accordance with the terms of this Lease.
Contraction Option. If Tenant has not exercised its Expansion Option granted in Paragraph 33 above, Tenant shall have the one-time option to reduce the area of the Premises by up to 20,000 rentable square feet located on the second floor of the Project (the “Turnback Space”) on January 31, 2010 upon the following conditions:
Contraction Option. 38.01 (a) As used herein, the term “
Contraction Option. A. Tenant shall have the option (the “Contraction Option”) to reduce the size of the Premises demised under Lease by an amount not to exceed 30,000 rentable square feet in the aggregate (the “Contraction Space”), effective on October 31, 2012 (the “Contraction Date”), which Contraction Option shall be exercised by Tenant as follows:
