Expansion Area. As applicable, the area in reasonable proximity to any Premises (each Hub and Inspection Center) may include an area for expansion (“Expansion Area”). Either party may at any time during the Term of this Lease elect to develop the Expansion Area by delivery of written notice to the other party. If Landlord elects to develop the Expansion Area then Tenant shall respond in writing to Landlord’s election within 30 days with Tenant’s election to participate or not participate in the development of the Expansion Area. If Tenant elects in its sole discretion to participate then Tenant shall pay an agreed-upon portion of the actual costs incurred to effect such construction or development (“Expansion Costs”) and Tenant shall be entitled to use an equivalent portion of the Expansion Area as part of the Premises. If Tenant elects to not participate then Tenant shall not pay any of the Expansion Costs and shall not be entitled to use any of the Expansion Area as part of the Premises. If Tenant elects to develop the Expansion Area before receiving Landlord’s election to develop the Expansion Area then Tenant shall deliver written notice to Landlord and Landlord shall respond in writing to Tenant’s election within 30 days with Landlord’s election to participate or not participate in the development of the Expansion Area. If Landlord elects to participate then Landlord and Tenant shall mutually agree upon the use of the Expansion Area and whether Tenant will participate in paying for the actual Expansion Costs or pay additional Base Rent. Tenant shall be entitled to use that portion of the Expansion Area as mutually agreed to by the parties and as part of the Premises in the same manner as if Landlord first elected to develop the Expansion Area and Tenant elected to participate. If Landlord does not elect to participate in Tenant’s development of the Expansion Area then Tenant may elect to develop all or less than all of the Expansion Area and Tenant shall pay the entire actual Expansion Cost incurred but be entitled to use the entire developed Expansion Area as part of the Premises and without Tenant consent Landlord shall not be entitled to use any of the Expansion Area developed by Tenant without Landlord’s participation. If less than all of the Expansion Area is developed then the same rights of development and participation shall continue to apply to the balance of the Expansion Area until the earlier of the development of the entire Expansion Area or expiration o...
Expansion Area. OPTION Lessee shall not have an expansion area under the terms of this Agreement.
Expansion Area. The Second Expansion Area shall be defined as the additional 10,208 square feet of Rentable Floor Area being leased by Tenant located on the 1st floor of the Building, as shown in green on Exhibit "B-4" attached hereto. The Expansion Area shall be included in definition of Demised Premises for all purposes of this Lease when such definition would not be consistent with the specific reference to the First Expansion Area."
Expansion Area a. Section 1.1(f) of the Lease is hereby deleted and a new Section 1.1(f) is substituted to add to the Lease the expansion area shown on Exhibit “K” of the Lease (the “Expansion Area”) as follows:
Expansion Area. Landlord and Tenant agree that Section 21.24 of the Original Lease shall be deleted in its entirety.
Expansion Area. If the tenant under the Lease does not exercise its expansion rights and does not participate in the development of the Expansion Area with HF, then HF shall have the right to either purchase the Expansion Area from the Company (if the Expansion Area has not been previously subdivided, all costs required to subdivide the Expansion Space to satisfy the California Subdivision Map Act or any other conveyance requirements shall be the sole cost of HF, and Skechers shall have the right to approve all such subdivision documents, such approval not to be unreasonably withheld or delayed) at its then fair market value, or to enter into a ground lease of the Expansion area at its then fair market rent (which ground lease shall be for a term of not less then twenty (20) years and upon commercially reasonable market terms and conditions). If the parties cannot agree on fair market value or fair market rent, as the case may be, then such amounts will be determined by an appraisal process as follows: Within fifteen (15) days after one party notifies the other that there is no mutual agreement with respect to the determination of fair market value or fair market rent, as the case may be, each party shall appoint an independent appraiser which has at least ten (10) years experience in appraisals of industrial real estate in the Riverside County, California area and who is a member of the Master Appraisers Institute. Each such appraiser shall submit his or her opinion as to the fair market value or fair market rent, as the case may be, within thirty (30) days after appointment. If only one party appoints an appraiser, then his or her opinion as to fair market value or fair market rent, as the case may be, shall be conclusive and binding on both parties. If the opinions of the two appraisers are within ten percent (10%) of each other, then the average of the two appraisals will be conclusive and binding on the parties as to fair market value and fair market rent, as the case may be. If the opinions differ by more than ten percent (10%), then the two appraisers shall appoint a third, independent appraiser (with the same qualifications as above) who shall submit his or her opinion as to the fair market value or fair market rent, as the case may be, within thirty (30) days thereafter, and such opinion shall be conclusive and binding on the parties. If the two (2) appraisers cannot mutually agree upon a third appraiser, then the third appraiser will be selected by an arbitrator...
Expansion Area. Effective upon February 1, 2007 (the “Expansion Area Commencement”), Landlord shall deliver, pursuant to the terms of the Work Letter attached hereto, the space commonly referred to as Suite 420, located on the 4th floor of the Building, comprising approximately six thousand five hundred forty-three (6,543) square feet of rentable are (the “Expansion Area”).
Expansion Area. 48.1 Tenant may elect to have Landlord increase the size of the Premises at any time during the first ten (10) years of the initial lease term, by an amount that shall not exceed 10,000 rentable square feet (two floors of 5,000 rentable square feet each). Tenant must notify Landlord of its desire to expand by giving Landlord at least one years notice prior to the desired date of occupancy of the expansion space. The location of the expansion space is as indicated on Exhibit “B” attached hereto. The construction of the expansion space shall be in accordance with all of the terms of Article 4 of this Lease, as modified to reference the expansion space (and not the existing Premises), and Landlord shall use materials of at least equal quality to that existing in the Premises and finishes that match the existing Premises. It is the intent of the parties that Landlord is providing a turnkey construction at its sole expense in accordance with the approved plans for the expansion space.
Expansion Area. Commencing on February 1, 2002, the Premises shall be expanded to include an additional area of approximately 78,720 square feet (the "Expansion Area") as described by attached Exhibit "A" thereby giving a Premises of approximately 196,800 square feet.
Expansion Area. The area within 200 feet to the west (except that area currently in the roadway right-of-way approximately 175 feet from the west boundary line) and 400 feet to the east of the western and eastern boundaries, respectively, of the Premises and having the same north-south depth as the said western and eastern boundaries (hereinafter called the "expansion area") shall be reserved for expansion of LESSEE'S operations; LESSOR hereby grants to LESSEE an option, to be exercised at any time while any part of the expansion area remains unimproved by LESSOR, by giving 30 days' written notice to LESSOR, to add to the area included within this Lease any or all of such unimproved expansion area at the same rental as is then being paid for the Premises for a term which shall be the same as the unexpired term of this Lease with the same renewal option provisions and subject to the same rental adjustments. LESSOR will not construct any building or otherwise improve the expansion area without LESSEE'S prior written consent. If LESSOR shall request such consent and LESSEE shall deny the same, without itself exercising the aforesaid option to expand, then, in that event, LESSEE shall pay to LESSOR one quarter (1/4) of the then applicable rental per square foot for the Premises for the duration of the Lease and its renewal periods or until the LESSEE shall either exercise its option to utilize the said expansion area or consent to LESSOR'S proposed use of the expansion area.
