Common use of Expansion Option Clause in Contracts

Expansion Option. (a) If, at any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunder, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space (the "Expansion Space") upon all the terms and conditions contained herein, except that (i) Base Rent for the Expansion Space shall be the fair rental value of the Expansion Space as of the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Space.

Appears in 2 contracts

Sources: Gross Lease (Open Solutions Inc), Gross Lease (Open Solutions Inc)

Expansion Option. (a) If, at any time during the Term, any space becomes available in the Building and if another tenant Paragraph 42 of the Building has not exercised a superior right Lease shall be amended to lease such space, Landlord shall so notify Tenant in writing and, provided reflect that Tenant is not in default hereunder, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space option (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of space located in the basement of the Building (the "Basement Space") upon all ). Tenant must comply with the terms and conditions contained hereinprovisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, except provided that (i) Base Rent for Tenant may not lease an amount of square footage or a configuration which would leave the Expansion remaining Basement Space shall be the fair rental value of the Expansion Space as of the date of unusable by Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion of the Basement Space shall be borne by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the rentable square footage of the BuildingPremises. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of Once Tenant has exercised the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease sameOption, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion SpaceOption on or before October 1, and any attempted exercise 1994, it shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Spaceexpire automatically.

Appears in 2 contracts

Sources: Sublease Agreement (Landacorp Inc), Sublease Agreement (Landa Management Systems Corp)

Expansion Option. (a) If, at any time during 12.1 Subject to the Term, any space becomes available then existing renewal or expansion option of other tenants located in the Building Building, including without limitation, Massachusetts Dental Society, and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunderof the Lease beyond notice and applicable cure periods and that Tenant or its permitted assignee in Section 10.4 above is occupying all of the Premises and that the financial conditions of Tenant is as good as of the Term Commencement Date , throughout the Term, Landlord shall, prior to offering the same to any other party , first offer to lease to Tenant any space located on the first floor of the Building which is contiguous to the Premises (the "RFO Space") in an AS IS condition. Landlord's notice (Landlord's Notice) shall be in writing and shall set forth Landlord's designation of the Fair Market Rental Value, as defined in Article 11 above applicable to such RFO Space , the specified commencement date in respect of such RFO Space and the precise location and dimension of the RFO Space. Tenant shall have the right, exercisable upon written notice give ("Tenant's Exercise Notice") given to Landlord within 15 twenty (20) days after receipt of Landlord's Notice to lease the RFO Space. Upon the timely giving of such notice, Landlord shall lease to Tenant and Tenant shall lease such additional space (from Landlord the "Expansion Space") RFO Space upon all of the terms and conditions contained herein, except that (i) Base as set forth in this Lease except: The Rent for Commencement Date in respect of the Expansion RFO Space shall be the fair rental value later of (a) the Specified Commencement Date in respect of the Expansion RFO Space as set forth in Landlord's Notice or (b) the date that Landlord delivers such RFO Space to Tenant, free of all tenants, occupants and their property.. The termination date of the RFO Space shall be the termination date of the Lease. Landlord shall not provide to Tenant any allowances (e.g moving allowance, construction allowance, of the like) or other tenant inducements. The Annual Fixed Rental rate shall be the Fair Market Rental Rate, as defined in Article 11. If Tenant elects to lease the RFO Space, Landlord and Tenant shall execute an amendment to the Lease, effective as of the date RFO Space Rent Commencement Date which amendment shall reflect the addition of Landlord's notice; the RFO Premises, the Annual Fixed Rent payable in respect of such RFO Premises, Operating Costs and (ii) Tax Base for the RFO Premises. Time is of the essence to the exercise of all rights set forth herein. Tenant's Proportionate Share rights under this Article shall be increased, based upon the ratio terminate if (a) this Lease or Tenant's right to possession of the rentable square footage of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. Premises are terminated or (b) Tenant assigns any of its interest in this Lease or sublets any portion of the Premises, other than permitted assignees under Section 10.4. If Tenant fails to exercise its option does not elect to lease the Expansion Space within the 15-day period as set forth aboveRFO Space, Landlord shall be free to lease the Expansion RFO Space to any other party upon any provided, however, the terms and conditions of any such lease shall be no more favorable than those set forth in Landlord's Notice. If Landlord fails to consummate such a lease with such prospective tenant, Tenant shall determine, from time continue to time have the right of first offer with respect thereto during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Space.

Appears in 2 contracts

Sources: Lease (Viryanet LTD), Lease (Viryanet LTD)

Expansion Option. (a) If, at any time during So long as Silicon Energy is the Term, any space becomes available in the Building and if another tenant Subtenant hereunder as of its exercise of the Building has not exercised a superior right option granted herein, and subject to the conditions set forth below, Subtenant shall have one option to lease such spacefrom Wind River (the "Expansion Option"), Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunder, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt remainder of Landlord's notice, to lease such additional space the Master Premises (the "Expansion Space") upon all on the same terms and conditions set forth in this Sublease for the sublease of the Sublease Premises, provided Subtenant notified Wind River in writing of exercise of the Expansion Option prior to December 31, 2000. Notwithstanding anything to the contrary contained herein, except that if Subtenant is in default under any of the terms, covenants or conditions of this Sublease at the time Subtenant exercises the Expansion Option, Wind River shall have, in addition to all of Wind River's other rights and remedies provided in this Sublease, the right to terminate the Expansion Option upon notice to Subtenant. (a) In the event Subtenant exercises the Expansion Option in a timely fashion, Wind River and Subtenant shall enter into an amendment to this Sublease to add the Expansion Space to the definition of "Sublease Premises". In addition, the following terms shall be included in such amendment: (i) Base Rent The commencement date for the Expansion Space shall be the fair rental value of the Expansion Space Delivery Date (as of the date of Landlord's notice; and defined below); (ii) TenantSubtenant's Proportionate Share shall be increased, based upon increased to 100%. (iii) the ratio of the rentable square footage of Base Rent applicable to the Expansion Space to shall be the rentable square footage of same as the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of then applicable Base Rent for the fair rental value of Premises; and (iv) the Expansion space. If the parties have not agreed upon the fair rental value of term for the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, the same as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as Term set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such rightherein. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Space.

Appears in 2 contracts

Sources: Net Office Tech Lease (Silicon Energy Corp), Net Office Tech Lease (Silicon Energy Corp)

Expansion Option. (a) IfIf no event of Default is then continuing at the time of exercise, at any time during the period commencing on the Effective date and ending on July 1, 2020 (the “Reservation Period”), by written notice (“Election Notice”) from Tenant to Landlord provided on or before the expiration of the Reservation Period, time being of the essence, Tenant will have the non-exclusive option to lease all or a portion of 1 floor of space consisting of approximately 71,314 RSF on the 2—5th floors of Building 2 or 4 (“Reservation Space”) as designated by Landlord, under the rental rate terms, rental abatement terms, and tenant improvement terms as set forth in this Lease with respect to the Premises originally leased hereunder (with the Term pro-rated to reflect the amount of the remaining Term, excluding any space becomes available in Renewal Term from such proration). If Tenant elects to lease the Building Reservation Space from Landlord during the Reservation Period, all the obligations, terms, and if another tenant conditions under this Lease will also apply to the Reservation Space, e.g., amount of Fixed Rent per RSF then-current as of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunder, Tenant shall have commencement date for the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space (the "Expansion Reservation Space") upon all the terms and conditions contained herein, except that (i) Base Rent for the Expansion Space shall be the fair rental value of the Expansion Space as of the date which is the earlier to occur of (a) the day upon which Tenant commences business in any portion of the Reservation Space, (b) the Completion Date for the Reservation Space that is anticipated to occur 18 months from Landlord's notice; and ’s receipt of the Reservation Space (“Reservation Space Commencement Dat”), (i) the Reservation Space will be deemed part of the Premises, (ii) Tenant's Proportionate ’s Share shall be increased, based upon the ratio of the rentable square footage of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. 4.1(I) of this Lease will be adjusted, and (biii) If Landlord’s Contribution with respect to the Reservation Space will be the product of $35.00 per RSF of the Reservation Space. Landlord and Tenant fails will enter into a written amendment to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shallthis Lease incorporating such revisions, within ten 10 days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% ’s receipt of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion SpaceElection Notice.

Appears in 2 contracts

Sources: Lease Agreement (iCIMS Holding LLC), Lease Agreement (iCIMS Holding LLC)

Expansion Option. (a) If, at any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunder, Tenant shall have the rightoption, exercisable upon by written notice give to Landlord within 15 days after receipt of Landlord's noticeat any time on or before December 31, 2012, to lease such additional space (cause the "Expansion Space"Premises to be added to the Premises upon expiration of the Prior Lease on December 31, 2013, at the minimum rental rate provided in Section 3.1(a)(ii) and otherwise upon all the terms and conditions contained hereinprovisions set forth in this Lease. If Tenant is in default hereunder, except that (i) Base Rent for beyond any applicable notice and cure periods, on the Expansion Space shall be date of such notice or on the fair rental value date possession of the Expansion Space Premises is to be tendered to Tenant, then the exercise of the option shall be of no force or effect, the Expansion Premises shall not be added to the Premises, and this option shall be of no further force or effect. The option granted herein may be exercised by any permitted assignee of Tenant’s interest under this Lease, but may not be assigned to or exercised by any subtenant. If Tenant duly and validly exercises such option, then: (a) Landlord and Tenant shall promptly prepare and execute an amendment to this Lease providing for the addition of the Expansion Premises to the Premises covered by this Lease, effective as of the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereofDirect Term Commencement Date. (b) If Tenant fails The parties agree that their respective rights and obligations with respect to exercise its option to lease the condition of the Expansion Space within Premises as of the 15-day period as set forth above, Landlord Direct Term Commencement Date shall be free governed by the same provisions applicable to lease the Expansion Space remainder of the Premises pursuant to any party upon any terms Sections 2.3(a) and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right(b) below. (c) Landlord shall provide Tenant shall have no right to exercise its option to lease with a tenant improvement allowance in the maximum amount of One Hundred Seventy-Six Thousand One Hundred Forty-Five and No/100 Dollars ($176,145.00, calculated at the rate of $15.00 per square foot for the agreed area of 11,743 square feet for the Expansion SpacePremises) (the “Expansion TI Allowance”), and to be available for application towards the refurbishment of the Expansion Premises and/or the construction of tenant improvements in the Expansion Premises by Tenant. Tenant’s construction of any attempted exercise tenant improvements in the Expansion Premises shall be void and governed by the same provisions applicable to the remainder of no effect, if: (ithe Premises pursuant to Section 2.3(c) the named below. The Expansion TI Allowance may be drawn down by Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% after January 1 of the Premises calendar year immediately following the date on which Tenant delivers to Landlord a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder valid and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted binding written exercise of the optionTenant’s expansion option under this Section 1.3 and continuing up to and including July 31, at the time of the proposed commencement of the lease 2014. Any unused portion of the Expansion SpaceTI Allowance shall be deemed to expire on July 31, 2014 and thereafter shall no longer be available to Tenant for any purpose. The Expansion TI Allowance shall not be used or usable by Tenant for any moving or relocation expenses of Tenant, or for any cost or expense associated with any movable furniture, trade fixtures, personal property or any other item or element which, under the applicable provisions of this Lease, will not become Landlord’s property and remain with the Premises (including the Expansion Premises) upon expiration or termination of this Lease. Subject to the limitation set forth in the preceding sentence, however, the Expansion TI Allowance may be used for architectural, engineering, project management and permit-related costs and fees. Additional conditions and procedures relating to the disbursement of the Expansion TI Allowance shall be as set forth in the Workletter as defined below. Draw-downs of the Expansion TI Allowance by Tenant shall not result in any Supplemental Minimum Rent (as defined below) obligation or in any other adjustment of Tenant’s rental obligations under this Lease.

Appears in 2 contracts

Sources: Lease (Five Prime Therapeutics Inc), Lease (Five Prime Therapeutics Inc)

Expansion Option. (a) If, Provided that at any the time during the Term, any space becomes available in the Building of such exercise and if another tenant as of the Building has actual Expansion Delivery Date (1) there then exists no continuing Event of Default, (2) this Lease is in full force and effect and (3) Original Tenant shall not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunderhave assigned this Lease, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space option (the "“Expansion Option”) of leasing the entire balance of the 10th floor of the Building (and not just a portion thereof), as depicted and shown on Exhibit M attached hereto (“Expansion Space") upon all for a term commencing on the dates on which the same are delivered to Tenant in accordance with this Article 26 (the “Expansion Delivery Date”) and ending on the Expiration Date on the terms and conditions contained hereinas hereinafter set forth. 131 (b) Tenant may elect to lease all of the Expansion Space by giving Landlord notice of such election (an “Expansion Notice”) not later than the date that is eighteen (18) months following the date of this Lease (the “Outside Expansion Notice Date”). (c) If Tenant delivers an Expansion Notice with respect to the Expansion Space as provided in this Article 26, except that on the Expansion Delivery Date: (i) Base The Expansion Space shall be added to and deemed a part of the Premises for all purposes of this Lease, except as otherwise set forth in this Article 26 and the rentable square feet of the tenth floor shall be deemed to be 42,771 (and the Office Premises shall be deemed to consist of 85,542 rentable square feet in the aggregate), subject to adjustment of the rentable square feet of the Premises pursuant to Section 2.1 (if then applicable). (ii) The Annual Fixed Rent for shall be increased to include the Expansion Space so leased, and the Annual Fixed Rent with respect to the Expansion Space shall be as follows: initially, the fair rental value sum of $1,549,693.00 ($83.00 per rentable square foot per annum), increased to (i) $1,661,719.00 ($89.00 per rentable square foot per annum) upon the fifth anniversary of the Expansion Space as of the date of Landlord's notice; Rent Commencement Date and (ii) Tenant's Proportionate Share $1,773,745.00 ($95.00 per rentable square foot per annum) upon the tenth anniversary of the Rent Commencement Date, and subject to Section 5.1(b)), which sum is hereinafter referred to as the “Expansion Annual Fixed Rent”), provided that the payment of Annual Fixed Rent with respect to the Expansion Space shall be increasedwaived for the period (the “Expansion Rent Concession Period”) from and including the Expansion Commencement Date through and including the date preceding the date which is fifteen (15) months after the Expansion Commencement Date (such date, based upon the ratio “Expansion Rent Commencement Date”), and if the Expansion Rent Concession Period shall expire on a date other than the last day of a calendar month, then on the rentable square footage Expansion Rent Commencement Date, Tenant shall pay to Landlord a monthly installment of Expansion Annual Fixed Rent prorated to the end of said calendar month. (iii) Tenant’s Share with respect to Operating Expenses (inclusive of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value Space) shall be determined by arbitration, increased to 35.48% (subject to adjustment as provided in Section 30 2.1). (iv) Tenant’s Share with respect to Taxes (inclusive of the Expansion Space) shall be increased to 16.51% (subject to adjustment as provided in Section 2.1). (v) Each of the Applicable Reduction Amounts set forth in Section 5.1(b) shall be increased to include the Expansion Space so leased. (vi) With the Expansion Space Delivery Conditions satisfied so as to allow Tenant access to the Premises such that T▇▇▇▇▇ is able to perform Tenant’s Work with respect to the Expansion Space. The “Expansion Space Delivery Conditions” are set forth on Exhibit X hereto. 132 (vii) Tenant shall be entitled to a contribution towards T▇▇▇▇▇’s Costs of Tenant’s Work with respect to the Expansion Space (the “Expansion Landlord’s Contribution”) computed in accordance with Exhibit C attached hereto and made a part hereof, which Expansion Landlord’s Contribution shall be contributed and paid by Landlord with respect to the Expansion Space in the same manner as the Landlord’s Contribution was contributed and paid by Landlord with respect to the initial Premises pursuant to Exhibit C hereof. (bviii) If Tenant fails to exercise its option to lease The Expansion Delivery Date shall occur by not later than (x) if the Expansion Space within Notice is delivered to Landlord prior to the 15-day period as set forth aboveLandlord’s Anticipated Access Date, Landlord shall be free the later to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. occur of (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i1) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or Access Date and (ii2) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease two (2) weeks following L▇▇▇▇▇▇▇’s receipt of the Expansion SpaceNotice, or (y) if the Expansion Notice is delivered to Landlord from and after the Landlord’s Anticipated Access Date, the date that is thirty (30) days following the date that the Expansion Notice is delivered to Landlord (as applicable, the “Expansion Outside Delivery Date”), and if the Expansion Delivery Date does not occur on or before the Expansion Outside Delivery Date, then the Expansion Rent Concession Period (and the Contribution Requisition Period with respect to the Expansion Landlord’s Contribution) shall be increased in the same manner as provided in Section 3.1, as if the Expansion Outside Delivery Date were the First Penalty Date.

Appears in 2 contracts

Sources: Lease Agreement (Pershing Square Holdco, L.P.), Lease Agreement (Pershing Square Holdco, L.P.)

Expansion Option. (i) Subject to the Conditions (hereinafter defined), Subtenant may sublease all (but not less than all) of the Expansion Space (defined below). If Subtenant desires to sublease the Expansion Space, then Subtenant must send written notice to Sublandlord and all of the Conditions must be satisfied as of the date of such notice. As used herein, the “Conditions” are as follows: (i) Sublandlord has not subleased, licensed or otherwise granted any other entity the right to occupy or use the Second Floor Space; (ii) no default by Subtenant exists; (iii) the Prime Lease is still in effect with respect to the Expansion Space; and (iv) Sublandlord has not received an Offer (defined below) or sent a Termination Notice (defined below). As used herein, the “Expansion Space” means the portion of the Second Floor Space that is not included within the Sublease Space, which portion contains 9,097 rentable square feet of space. (ii) If Subtenant effectively exercises its option for the Expansion Space, then (a) Ifpossession of the Expansion Space shall be delivered to Tenant in an “AS-IS” condition, at any time during and (b) Subtenant and Sublandlord shall execute an amendment to this Sublease documenting that the Term, any space becomes available Expansion Space is part of the Sublease Space and that the size of the Sublease Space shall be increased by the rentable square feet in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunder, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space (the "Expansion Space") upon all . The Expansion Space shall be subleased on the same terms and conditions contained hereinas set forth in this Sublease, except including that (i) Base the Basic Rent for the Expansion Space shall be at the fair rental value same Monthly Rate per square foot of the Expansion Sublease Space as of then applicable to the date of Landlord's notice; Sublease Space. Subtenant shall have no further right to expand the Sublease Space. (iii) If Subtenant is unable to exercise its right hereunder (including without limitation because the Conditions are not satisfied), then such right shall lapse, and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage Sublandlord may lease all or a portion of the Expansion Space to the rentable square footage of the Buildingthird parties on such terms as Sublandlord may elect. Landlord's notice In no event shall include Sublandlord be obligated to pay a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of commission with respect to the Expansion Space at leased by Subtenant, and Subtenant shall indemnify Sublandlord against all costs, expenses, attorneys’ fees, and other liability for commissions or other compensation claimed by any broker or agent claiming the time Tenant exercises its option to lease samesame by, such value through, or under Subtenant. Subtenant’s rights under this section shall be determined by arbitration, as provided in Section 30 hereof. terminate if (bA) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no this Sublease or Subtenant’s right to exercise possession of the Sublease Space is terminated, (B) Subtenant assigns any of its option to lease interest in this Sublease or sublets any portion of the Expansion Sublease Space, and any attempted exercise shall be void and of no effect, if: or (iC) the named Tenant has assigned this Lease or has at any time subleasedSublandlord determines, in its sole but reasonable discretion, that Subtenant’s financial condition or creditworthiness has materially deteriorated since the aggregatedate of this Sublease, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (iiD) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion SpaceSublandlord receives an Offer.

Appears in 2 contracts

Sources: Sublease Agreement, Sublease Agreement (Verrica Pharmaceuticals Inc.)

Expansion Option. (a) If, at any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that So long as Tenant is not in default hereunderunder the terms of this Lease, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, option to lease such additional space all, but not less than all, of each of the Twenty First (21st), Twenty Second (22nd), Twenty Third (23rd) and Twenty Fourth (24th) floors of the Building (the "Expansion Option Space") upon ). Tenant acknowledges that the availability of the Option Space on the 22nd, 23rd and 24th floors of the Building is subject to Landlord's ability to obtain appropriate releases for such Option Space from The Prudential Insurance Company of America. The Tenant's option for leasing the Option Space located on the 24th floor shall expire on March 31, 1993, and Tenant shall notify Landlord, in writing, of its exercise of such option for the 24th floor no later than March 31, 1993. The Tenant's option for leasing the Option Space located on the twenty-first floor shall expire on April 30, 1993, and Tenant shall notify Landlord, in writing, of its exercise of such option for the twenty-first floor no later than April 30, 1993. If Tenant elects to exercise its option for Expansion Space on either the twenty-first or twenty-fourth floors, then Landlord and Tenant will immediately proceed to fulfill all the terms requirements and conditions contained herein, except that (i) Base Rent for as set forth in this Lease and in the Expansion Space shall be the fair rental value of the Expansion Space Work Letter as of the date of Landlord's notice; and (ii) soon as possible following Tenant's Proportionate Share shall be increased, based upon the ratio exercise of the rentable square footage of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion spaceits option. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails desires to exercise its option to lease the Expansion Option Space within consisting of each of the 15-day period 22nd and/or 23rd floors of the Building, then Tenant shall so notify Landlord, in writing, no later than January 1, 1994, with such lease to be commenced no later than January 1, 1995. The annual Rent for the Option Space shall be calculated at Tenant's current escalated Rent for its Premises as set forth above, in this Lease. Landlord shall provide Tenant with an improvement allowance for the Option Space in an amount not to exceed the unamortized improvement allowance for the Premises initially leased to Tenant (such amortization to be free to lease calculated by prorating the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during $15.00 RSF allowance for Tenant's Work on a monthly basis based on the Term, without any further remaining Term of the Lease). Tenant's obligation to Tenant under pay Rent with respect to the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant Option Space shall have no right to exercise its option to lease commence upon the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% Substantial Completion of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Option Space.

Appears in 1 contract

Sources: Office Lease (Federated Investors Inc /Pa/)

Expansion Option. (a) IfSubject to Section 12(b), at any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that (i) Tenant is not in default hereunderbeyond all applicable grace, notice and cure periods in respect of the performance of its obligations arising under the terms of this Lease, (ii) this Lease is in full force and effect in accordance with its terms, (iii) the Initial Term has not been terminated, (iv) the total stockholder equity of Guarantor (as defined in Section 38) is not less than $500 Million, and (v) its ratio of current assets to current liabilities is not less than 1.0 (taking into account available proceeds under any credit facility in place at the time in question), then Tenant has the option (the Expansion Option) to lease an addition to the Building (the Expansion) that Landlord will erect in order to enlarge the floor area of the Building. For purposes of calculating the Guarantor’s total stockholder equity and current ratio, its most recent published annual report or 10Q on file with the Securities and Exchange Commission shall have be used. (b) If Tenant exercises the rightExpansion Option during the first Lease Year, exercisable upon written notice give the Expansion must be for at least 20,000 rentable square feet, the Annual Base Rent for the Expansion will be the same as the Annual Base Rent (on a per square foot basis) for the initial Premises, the term for the Expansion shall end conterminously with the term of the lease for the Initial Premises and all other terms of this Lease will remain the same. (c) If Tenant exercises the Expansion Option after the first Lease Year, the initial Term for the initial Premises will automatically be extended so that the initial Term with respect to the initial Premises and the Expansion are coterminous and last for 12 years from the Expansion Commencement Date (as defined below). Other than the Base Rent, the terms of this Lease with respect to the initial Premises during the balance of the 12-year term will remain as stated in this Lease. The Base Rent payable by Tenant with respect to the initial Premises will remain in effect until the Expiration Date for the Expansion, with the Annual Base Rent increasing by 6.12% on the first day of the 13th Lease Year (based in the initial Term) and on the first day of each succeeding fourth Lease Year (i.e., 16th, 20th, etc.). (d) If Tenant exercises the Expansion Option for an Expansion which would exceed 25,000 rentable square feet, then: (i) Landlord is not required to construct any Expansion if (x) the size of the Expansion would cause the expanded Premises not to comply with all applicable laws, ordinances, and codes, including, without limitation, parking code requirements, or (y) the expanded Premises is not, in Landlord’s sole opinion, marketable to a replacement tenant or tenants. If this Subsection 12(d)(i) is applicable, then Landlord shall promptly so notify Tenant. Notwithstanding the foregoing, if Landlord notifies Tenant that Subsection 12(d)(i)(y) is applicable, then Tenant may notify Landlord within 15 10 business days after receipt of Landlord's notice’s notice that Tenant elects to reduce the size of the Expansion to 25,000 rentable square feet or less and Landlord will proceed with the construction of the Expansion under this Section 12. (ii) If Subsection 12 (d)(i) is not applicable, then Landlord shall notify Tenant of the parking ratio which it will provide for such Expansion and the overall parking ratio for the Building, as expanded; and Tenant may elect to lease reduce the size of such additional space Expansion after review of such parking ratios. (e) If Tenant exercises the "Expansion Space") upon all the terms and conditions contained hereinOption by giving written notice of exercise to Landlord, except that then, subject to Subsection 12(d)(i): (i) The parties will promptly enter in good faith into an agreement whereby (x) Landlord agrees to construct the Expansion within 12 months or less after the execution of such agreement, (y) the parties agree to increase the Base Rent for the Expansion Space shall be in the fair rental value manner as set forth in this Section 12, payable during the period from the date Landlord substantially completes construction of the Expansion Space (the Expansion Commencement Date) and that ends at 11:59 p.m. (Dallas, Texas local time) on either the day prior to the 12th anniversary of the Expansion Commencement Date, if the Expansion Commencement Date occurs on the first day of a calendar month, or on the day prior to the 12th anniversary of the first day of the first full month following the calendar month in which the Expansion Commencement Date occurs, if the Expansion Commencement Date does not occur on the first day of a month, whichever is applicable (the Expansion Term). (ii) Landlord shall construct the Expansion on the same terms as for the construction of the Landlord Improvements (except for Base Rent as specified in this Section 12), granting Tenant the same Tenant Allowances included in this transaction (on a per rentable square foot basis), except as otherwise specified in Exhibit D. (iii) If Tenant exercises the Expansion after the first Lease Year, the Base Rent for the Expansion will be the amount determined by multiplying the Expansion Construction Costs by the sum of (A) the interest rate on 10-year U.S. Treasury Bills as of the date Expansion Commencement Date plus (B) 400 basis points. Within 30 days following Landlord’s substantial completion of the construction of the Expansion, Landlord shall furnish to Tenant a detailed itemization of the costs by major construction trade (the Expansion Construction Costs) that Landlord incurred in connection with the design and construction of the Expansion and copies of invoices, statements, contracts, subcontracts, and other information that Tenant may reasonably request in order to confirm the accuracy of Landlord's notice; ’s itemization. (iv) Landlord shall construct the Expansion in accordance with the Outline Specifications and as specified in Section 2 for the initial Building. Landlord shall solicit bids from at least three contractors appearing on a list of contractors jointly developed and mutually approved by the parties. Landlord shall award the contract for the construction of the Expansion to the lowest qualified bidder, subject to Tenant’s approval, which will not be unreasonably withheld, conditioned, or delayed. Within sixty (ii60) days after Tenant exercises the Expansion Option, Landlord shall provide Tenant with an estimate of the Expansion Construction Costs and a proposed construction schedule. If Tenant determines in its sole discretion that the cost to construct the Expansion is too high, or that the construction schedule is unacceptable, Tenant may elect to nullify its election to exercise the Expansion at any time prior to Tenant's Proportionate Share ’s written approval of the construction budget for the Expansion. If, within sixty (60) days after the estimate of Expansion Construction Costs and the construction schedule has been received by Tenant, Tenant fails either to approve the estimate of the Expansion Construction Costs and the construction schedule or to commence discussions with the Landlord to value engineer the estimate of Expansion Construction Costs and/or to refine the construction schedule, then Tenant shall be increaseddeemed to have nullified its election to exercise the Expansion Option. (v) On or about the date that Landlord substantially completes the construction of the Expansion, based upon the ratio of Landlord will cause its architect to determine the rentable square footage of the Expansion Space (in accordance with BOMA ANSI Z65.1-1996, for a single tenant building), and the parties will promptly execute and deliver an amendment to this Lease that confirms the addition of the Expansion to the Premises, the Expansion Commencement Date, and the Base Rent that will be payable through the Expiration Date with respect to the Expansion and the initial Premises. (vi) As a condition precedent to Landlord’s obligation to construct the Expansion, Guarantor shall confirm in writing to Landlord that its Lease Guaranty, attached hereto as Exhibit I, applies to Tenant’s lease obligations for the Expansion Premises pursuant to the Expansion Agreement (as such terms are hereinafter defined). (vii) Landlord shall cause the Expansion to be constructed and substantially completed and the Expansion premises (the Expansion Premises) to be delivered to Tenant in broom clean condition in accordance with all applicable laws on or before three hundred sixty five (365) days from the execution and delivery of the agreement described in Section 12(d) (the Expansion Agreement). If substantial completion and tender of possession of the Expansion Premises to Tenant does not occur by the following dates, each of which is subject to extension by one day for each day of Excused Delays, but not more than one hundred eighty (180) days in the aggregate for all Excused Delays, other than days of Tenant Delay which shall not be so limited): (A) 365 days from the execution of the Expansion Amendment, then commencing on the Expansion Commencement Date Tenant will receive one day of free Base Rent (for the Expansion Premises only) for each day of delay through the 425th day after the execution of the Expansion Amendment. (B) the 426th day after the execution of the Expansion Amendment, then commencing on the Expansion Commencement Date Tenant will receive three days of free Base Rent (for the Expansion Premises only) for each day of delay thereafter; and (C) the 445th day after the execution of the Expansion Amendment, then Tenant may, at its option by giving notice to Landlord at any time thereafter until Landlord substantially completes the Expansion Premises, elect to take over completion of the Expansion in which event Tenant shall be entitled to a credit against Base Rent for all reasonable costs incurred by Tenant in completing the Expansion. (f) In lieu of exercising the Expansion Option, Tenant may, at its sole cost and expense, elect to construct an Expansion. If Tenant elects to construct an Expansion, then: (i) The design and construction plans for the Expansion shall be subject to Landlord’s approval, not to be unreasonably withheld. (ii) Tenant shall cause the Expansion to be constructed in a good and workmanlike manner and in accordance with all applicable laws and the approved plans. Subsections 2(n),(o) and (p) of this Lease shall apply to the construction of the Expansion by Tenant or its contractor(s). (iii) On or about the date that Tenant substantially completes the construction of the Expansion, Landlord will cause its architect to determine the rentable square footage of the Building. Landlord's notice shall include expansion (in accordance with BOMA ANSI 265.1-1996 for a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereofsingle tenant building). (biv) If Tenant fails to exercise its option to lease The term of the Expansion Space within the 15-day period as set forth above, Landlord Lease shall not be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such rightextended. (cv) Base Rent shall not be increased. (vi) Tenant shall have no right modify its property insurance to exercise its option to lease include builder’s risk insurance as reasonably required by Landlord. (g) Upon completion and acceptance by Tenant of same, the Expansion SpacePremises shall be deemed to be part of the Building and the Premises, and any attempted exercise shall be void and of no effect, if: (i) owned by the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion SpaceLandlord.

Appears in 1 contract

Sources: Lease Agreement (Alliance Data Systems Corp)

Expansion Option. (a) If, at any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunder, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, option (the "Expansion Option") to lease such additional space Suite No. 500 on the 5th floor of the Building containing approximately 19,059 rentable square feet of rentable area shown on Exhibit D to this Lease (the "Expansion Space") upon all if: (a) Landlord receives written notice (the terms "Expansion Notice") from Tenant of the exercise of its Expansion Option on or before April 30, 2020; (b) Tenant is not in monetary default under the Lease beyond any applicable cure periods at the time that Landlord receives the Expansion Notice; (c) no part of the Premises is sublet (except in connection with an assignment of this Lease to a Tenant Affiliate as described in Section 9.1(f) of the Lease) at the time Landlord receives the Expansion Notice; and conditions contained herein, (d) the Lease has not been assigned (except to a Tenant Affiliate as described in Section 9.1(f) of the Lease) prior to the date that (i) Base Landlord receives the Expansion Notice. The initial annual Basic Rent rate per rentable square foot for the Expansion Space shall be the fair rental value same as the Basic Rent rate per rentable square foot for the original Premises on the date the term for the Expansion Space commences. The Basic Rent rate for the Expansion Space shall increase at such times and in such amount as Basic Rent for the initial Premises, it being the intent of Landlord and Tenant that the Basic Rent rate per rentable square foot for the Expansion Space shall always be the same as the Basic Rent rate per rentable square foot for the original Premises. Basic Rent attributable to the Expansion Space shall be payable in monthly installments in accordance with the terms and conditions of the Lease. Tenant shall pay Operating Expenses for the Expansion Space on the same terms and conditions set forth in the Lease, including the same Base Year that is applicable to the original Premises, and Tenant's proportionate share shall increase appropriately to account for the addition of the Expansion Space as of the date of Landlord's notice; and (ii) Tenant's Proportionate Share Space. Tenant shall be increased, based upon entitled to receive an improvement allowance equal to $35.00 (the ratio "Improvement Allowance") per square foot of the rentable square footage of area in the Expansion Space leased by Tenant. Tenant shall be obligated to lease from Landlord, an additional 4 unreserved parking passes per 1,000 usable square feet leased at the rentable square footage of same rates as the Buildingparking passes for the original Premises. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of The term for the Expansion Space at shall commence 120 days following the time date Landlord delivers the subject Premises to Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. for the purpose of performing Tenant Improvements or (b) the date Tenant commences business activities in the Expansion Space, and shall end, unless sooner terminated pursuant to the terms of the Lease, on the Expiration Date of the Lease, it being the intention of the parties hereto that the term for the Expansion Space and the Term for the initial Premises shall be coterminous. Tenant acknowledges that the Expansion Space is currently subleased by Colliers International CA, LLC pursuant to a master lease between Landlord and ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Commercial Real Estate Services, Inc. pursuant to the terms of a lease dated June 23, 2009, as the same may be amended from time to time (the "Existing Lease"). Notwithstanding anything herein to the contrary, if the Existing Lease terminates (or the existing tenant's right to possession is terminated) prior to its stated expiration date due to a default by the tenant under the Existing Lease, Landlord, at its option, may provide Tenant with written notice of such prior termination (the "Prior Termination Notice"). If Landlord provides Tenant fails to exercise its with a Prior Termination Notice, Tenant shall have the option to lease the Expansion Space within in accordance with the 15-day period as terms and conditions set forth above, Landlord except that the Expansion Notice shall be free due within 30 days after the date of Landlord's Prior Termination Notice, and the commencement date for such Expansion Space shall be the earlier of 120 days following the date Landlord obtains possession of the Expansion Space from the existing tenant under the Existing Lease or the date Tenant commences business activities in the Expansion Space. If Tenant does not provide Landlord with an Expansion Notice within such 30 day period or if Tenant is not entitled to exercise its Expansion Option due to a violation of one of the conditions set forth above, Tenant's Expansion Option shall be deemed to be null and void and Tenant shall have no further rights to lease the Expansion Space hereunder. Landlord warrants that existing tenant does not have a renewal right in its existing lease. If Tenant is entitled to any party upon any terms and conditions properly exercises the Expansion Option, Landlord shall determineprepare an amendment (the "Expansion Amendment") to reflect the commencement date of the term for the Expansion Space and the changes in Basic Rent, from time to time during the TermFloor Area of Premises, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, proportionate share and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease appropriate terms. A copy of the Expansion Space.Amendment shall be sent to Tenant within a reasonable time after Landlord’s IOPLEGAL-4-44 5/11/18 - Lease 231700, Amendment 247645 - 4.1 4

Appears in 1 contract

Sources: Lease Agreement (BofI Holding, Inc.)

Expansion Option. (a) If, at any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that A. Provided Tenant is not in default hereunderhereunder beyond the giving of notice and expiration of applicable grace periods expressly provided for in this Lease and this Lease shall be in full force and effect, then Tenant shall have the rightcontinuous right to lease all or any portion of the Expansion Space which is reasonably capable of being subdivided for Tenant’s use and occupancy, exercisable upon and which is not leased or committed or reserved to others and for which no option rights thereto have been given, committed or reserved to other parties, if, as, and when it becomes vacant and available for leasing, from time to time, during the term of this Lease (the “Expansion Option”). Landlord agrees that it will not grant new option rights for the Expansion Space after the execution of this Lease. B. Tenant shall have given written notice give to Landlord within 15 days after receipt of Landlord's notice, its intent to lease such additional space exercise the Expansion Option (the "“Expansion Intent Letter”), which Expansion Intent Letter shall have been received by Landlord not less than nine (9) months prior to the date Tenant wishes to occupy the Expansion Space") . C. If Tenant shall exercise the Expansion Option in accordance with the provisions of this Article, this Lease shall be amended to include the Expansion Premises upon all the terms terms, covenants, and conditions contained hereinin the Lease, except that (i) the Base Rent for the Expansion Space Premises shall be the fair rental value of then escalated Base Rent for the Expansion Space Premises in effect as of the date of Landlord's notice; and Tenant exercises Expansion Option, (ii) Tenant's Proportionate Share the term for the Expansion Space shall be increasedexpire co-terminously with the Premises, based upon and (iii) provided the ratio of the rentable square footage term of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space Premises is at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. least five (b5) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth aboveyears, Landlord shall be free provided Tenant with an allowance of $20.00 per rentable square foot allocated to lease the Expansion Space Premises for improvements to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm be performed in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion SpacePremises.

Appears in 1 contract

Sources: Lease Agreement (First Indiana Corp)

Expansion Option. (a) If, at any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such spaceAt Tenant's request, Landlord shall so notify Tenant in writing and, will use its best efforts to expand the Premises to include up to an additional 100,000 square feet of leasable space ("Phase II Premises") provided that Tenant is has not in default hereunder, defaulted under the terms of this Lease and Tenant's financial strength and credit ratings are at least as strong as they are upon the execution of this Lease. Landlord shall not be obligated to spend more than $8,000,000 for Landlord's Work Costs to construct the Phase II Premises. Tenant shall have pay all construction costs in excess of $8,000,000 plus all financing costs and prepayment penalties related to refinancing the right, exercisable upon written notice give Premises to Landlord within 15 days after receipt provide for the Phase II Premises. Prior to the commencement of Landlord's notice, the construction of the Phase II Premises Tenant shall execute a modification of this Lease which shall provide as follows: The term of this Lease shall be extended to lease such additional space fifteen (15) years from the "Expansion Space") upon all Substantial Completion of the terms and conditions contained herein, except that (i) Phase II Premises with the Base Rent for the Expansion Space existing Premises ("Phase I Premises") to remain as provided for in this Lease except that the escalators provided for in Section 4.1 shall continue through the end of the revised term. The Base Rent for the Phase II Premises shall equal the product of Landlord's Work Costs for the Phase II Premises multiplied by the Rent Constant Factor. The Rent Constant Factor shall be determined using a 15 year amortization period and the fair rental value Debt Constant. The Debt Constant shall equal the lowest commercially available rate which Landlord can obtain. FOR EXAMPLE, IF THE DEBT CONSTANT IS 8.5% AND THE AMORTIZATION PERIOD IS 15 YEARS THEN THE RENT CONSTANT FACTOR EQUALS 11.8169. IF THE LANDLORD'S WORK COST OF THE PHASE II PREMISES IS 8,000,000 THEN THE BASE RENT FOR THE PHASE II PREMISES PER YEAR SHALL EQUAL $945,352 ($8,000,000 X .118169) PLUS ESCALATORS EVERY 30 MONTHS AS PROVIDED FOR IN SECTION 4.1. Landlord shall not build on the Premises for the benefit of anyone other than Tenant. If, for any reason Landlord fails to perform its obligation to expand the Expansion Space as of Premises with reasonable diligence, then Tenant's sole remedy shall be to perform the construction at Tenant's own expense. In such event Tenant may extend the Lease Term for up to an additional fifteen (15) years from the date of Landlord's notice; Substantial Completion thereof and (ii) Tenant's Proportionate Share shall be increased, based upon at no increase in Base Rent on account of such expansion. Notwithstanding the ratio of the rentable square footage of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to if Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned assigns this Lease or has at any time subleasedafter the fifth anniversary, Landlord may elect in its sole discretion not to provide funding for the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Spaceexpansion.

Appears in 1 contract

Sources: Lease Agreement (Quantum Corp /De/)

Expansion Option. 35.1. If no event of Default has occurred and is continuing, during the period of 18 months from the Commencement Date (a“Reservation Period”), by written notice (“Election Notice”) Iffrom Tenant to Landlord provided on or before the expiration of the Reservation Period, at time being of the essence, Tenant will have the option to lease all or a portion of the space consisting of approximately 45,968 rentable square feet on the 4th floor of Building 1 (“Reservation Space”), which Reservation Space is depicted on Exhibit “A”, under the rental rate terms, rental abatement terms, and tenant improvement terms as set forth in this Lease with respect to the Premises originally leased hereunder (with the Term pro-rated to reflect the amount of the remaining Term, excluding any time Renewal Term from such proration). If Tenant elects to lease the Reservation Space from Landlord during the Reservation Period, all the obligations, terms, and conditions under this Lease will also apply to the Reservation Space, e.g., amount of Fixed Rent per RSF then-current as of the commencement date for the Reservation Space, except that as of the commencement date for the Reservation Space, (i) the Reservation Space will be deemed part of the Premises (ii) Tenant’s Share as provided in Section 4.1(I) of this Lease will be adjusted (iii) the Expiration Date will be extended to the date that is 60 full calendar month following the commencement date for the Reservation Space (exclusive of Tenant’s 2 Renewal Term options set forth in Section 28.1 so that Tenant will have such 2 Renewal Term options as set forth in Section 28 with respect to the Premises as it then includes the Reservation Space), and (iv) during the Term, any space on each anniversary of the commencement date for the Reservation Space, Fixed Rent will increase by $0.50 per RSF. Landlord and Tenant will enter into a written amendment to this Lease incorporating such revisions, within 10 days after Landlord’s receipt of the Election Notice. 35.2. If prior to the expiration of the Reservation Period, (i) Tenant has not provided an Election Notice or (ii) Tenant has provided an Election Notice for a portion of the Reservation Space, then in either event, provided that no event of Default has occurred and is continuing, commencing on the date following the expiration of the Reservation Period, Tenant is granted a right of first offer (“Right of First Offer”) to lease such portion(s) of Reservation Space (“Offer Space”), if and as same becomes available for lease, subject to the following terms and conditions: 35.3. At the time Tenant exercises the Right of First Offer: (A) this Lease will be in full force and effect; (B) no event of Default has occurred and is continuing; (C) the Building Term has at least 5 years remaining thereafter, or, if not, Tenant has exercised its option to renew in accordance with Article 28, if such an option then exists; and (D) Tenant’s then current financial condition, as revealed by its most recent financial statements (which will include quarterly and if annual financial statements, including income statements, balance sheets, and cash flow statements), must demonstrate that either: 1. Tenant’s net worth is at least equal to its net worth at the time this Lease was signed; or 2. Tenant meets the financial criteria reasonably acceptable to Landlord. 35.4. Subject to the other terms of this Article 35, after any part of the Offer Space has or will “become available” for leasing by the Landlord in increments of not less than 1,000 rentable square feet, Landlord will not lease to another tenant that available portion of the Building has not exercised a superior Offer Space (“Available Offer Space”) without first offering Tenant the right to lease such spaceAvailable Offer Space; provided, however, if the Available Offer Space contains more than 1,000 rentable square feet, in in no event will Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunder, Tenant shall have be obligated to reduce the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space (the "Expansion Space") upon all the terms and conditions contained herein, except that (i) Base Rent for the Expansion Space shall be the fair rental value square footage of the Expansion Available Offer Space. By way of example, if the Available Offer Space as consists of the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased7,000 rentable square feet, based upon the ratio of but Tenant requests that the rentable square footage of the Expansion Available Offer Space be reduced so that it contains less than 7,000 rentable square feet, Landlord will not be obligated to reduce the rentable square footage of the BuildingAvailable Offer Space and Tenant will either accept or reject the First Offer Leasing Notice (as hereinafter defined in Section 35.5 of this Lease) with respect the Available Offer Space consisting of 7,000 rentable square feet. (A) Offer Space will be deemed to “become available” when such space is vacant or the lease for any tenant of all or a portion of the Offer Space expires or is otherwise terminated. (B) Notwithstanding Section 35.4(A), Offer Space will not be deemed to “become available” if the Offer Space is: 1. assigned or subleased by the current tenant of the space; or 2. re-let by the then current tenant of the space by renewal, extension, or renegotiation. 35.5. Landlord will not lease any such Available Offer Space to another tenant unless and until Landlord has first offered the Available Offer Space to Tenant in writing (“First Offer Leasing Notice”) and Tenant either rejects such offer or a period of 15 days has elapsed from the date that Tenant has received the First Offer Leasing Notice without Tenant having notified Landlord in writing of its acceptance of such First Offer Leasing Notice and supplied Landlord with its most recent quarterly or annual financial statements pursuant to Section 35.3(D) of this Lease, whichever event occurs first. The First Offer Leasing Notice will contain the following information: (A) a description of the Available Offer Space (which description will include the rentable square footage amount and location of such Available Offer Space) and an attached floor plan that will depict the Available Offer Space; (B) the date on which the Landlord expects the Available Offer Space to become available; (C) the amount of fixed rent (per RSF) for the Available Offer Space proposed by Landlord's notice shall include a statement of , which will be Landlord's ’s reasonable estimate determination of the fair market rental value for such Available Offer Space; provided, however that the amount of fixed rent (per RSF) for the Expansion space. If Offer Space will be as agreed to by Landlord and Tenant but Landlord will not be obligated to provide any free rent (or rent credit) or a contribution towards Tenant’s improvements to the Available Offer Space; however, if the parties have not agreed are unable to agree upon the fair market rental value for the Available Offer Space within 30 days from the date that Tenant has received the First Offer Leasing Notice, the fair market rental value for the Available Offer Space will be determined in accordance with Section 35.10 of this Lease; and (D) The increase in Tenant’s Share. 35.6. If Tenant timely delivers to Landlord, in accordance with the conditions of this Article 35, written notice of Tenant’s exercise of the Expansion Right of First Offer for all of the Available Offer Space at (along with Tenant’s financial statements pursuant to Section 35.3(D) of this Lease, and Landlord determines that Tenant meets all of the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as conditions provided in this Article 35, the Available Offer Space will be deemed added to the Premises and subject to the terms and conditions in this Lease, with the exceptions of those Lease modifications set forth in Section 30 hereof35.8 of this Lease and the provisions set forth in Article 36 of this Lease. (b) 35.7. If Tenant declines or fails to duly and timely exercise its option Right of First Offer or fails to lease meet all of the Expansion Space within the 15-day period as set forth aboveconditions provided in this Article 35, Landlord shall will thereafter be free to lease the Expansion Available Offer Space in portions or in its entirety to any third-party upon tenant at any time without regard to the restrictions in this Article 35 and on whatever terms and conditions Landlord shall determinemay decide in its sole discretion. 35.8. If Tenant leases the Available Offer Space pursuant to the terms of this Article 35, from time all the obligations, terms, and conditions under this Lease will also apply to time during the Term, without any further obligation Available Offer Space except that: (A) the commencement date for the lease for the Available Offer Space (“Commencement Date for the Available Offer Space”) will be the day the Available Offer Space is delivered to Tenant under broom clean, free of tenants or other occupants, and in its then “as is” condition; (B) as of the SectionCommencement Date for the Available Offer Space, the Available Offer Space will be deemed part of the Premises; (C) as of the Commencement Date for the Available Offer Space, Tenant’s Share will be adjusted in accordance with Section 4.1(I) of this Lease; (D) As of the Commencement Date for the Available Offer Space, the Fixed Rent will be increased to an amount by multiplying the rentable square footage dollar amount (determined in accordance with Section 35.5(C) of this Lease) for such Available Offer Space by the number of rentable square feet deemed by Landlord to be contained in the Available Offer Space taken by Tenant; and (E) Article 20 of this Lease will not apply to the Available Offer Space. 35.9. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten Within 30 days after demand thereof the Commencement Date for the Available Offer Space, Landlord and Tenant will confirm the following in a written amendment to this Lease: (A) the Commencement Date for the Available Offer Space; (B) the location and size of the Available Offer Space that was leased by LandlordTenant with an exhibit attached depicting the Available Offer Space; (C) the Fixed Rent to be paid by Tenant; and (D) Tenant’s Share, confirm in writing as adjusted. 35.10. If, pursuant to Section 35.5 of this Lease, the parties are unable to agree upon the fair market rental value for the Available Offer Space within 30 days from the date that Tenant has declined to exercise such rightreceived the First Offer Leasing Notice (the “Fair Market Discussion Period”), the fair market rental value for the Available Offer Space will be determined by the appraisal process as set forth in Section 28.5 of this Lease and each party will appoint its appraiser within 15 days of the last day of the Fair Market Discussion Period. (c) 35.11. The provisions of this Article 35 are personal to Tenant shall have no right to exercise its option to lease the Expansion Spaceand any assignee as part of a Permitted Assignment, and any attempted exercise shall be will become null and void and upon the occurrence of no effect, if: (i) the named Tenant has assigned an assignment of this Lease except in a Permitted Assignment, or has at any time subleased, in with respect to the aggregate, more than 50% subtenant the provisions of this Article 35 will become null and void upon the occurrence of a sublet of all or a part of the Premises Premises. The provisions of this Article 35 may not be exercised by any successor to a party other than one controllingthe interest of Tenant by reason of any action under the Bankruptcy Code, controlled or by any public officer, custodian, receiver, United States Trustee, trustee or under common control with liquidator of Tenant or substantially all of Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Space’s property.

Appears in 1 contract

Sources: Lease Agreement (Acacia Communications, Inc.)

Expansion Option. (a) If, at any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Provided Tenant is not in default hereunderat the time of exercise or at the time of commencement of the expansion option referred to hereinbelow, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, option to lease such additional space the entire premises known as Building B, PGA Professional Center (the "Expansion SpacePremises") upon all as more particularly described in the terms Amended and conditions contained hereinRestated Business Lease dated July 1, except 1996, between Landlord and Catalfumo Construction, Ltd. (the "Catalfumo Lease"). To exercise the option, Tenant must give Landlord written notice of its intention to exercise the option no later than October 30, 2000. If Tenant elects to lease the Expansion Premises, then after such exercise and in any event prior to April 20, 2001, Landlord and Tenant shall negotiate in good faith and enter into an amendment to the Lease which shall incorporate the Expansion Premises therein and which shall provide that (i) Base Rent the minimum annual rent for the Expansion Space Premises shall be the fair rental value sum of the Expansion Space as of the date of Landlord's notice; $15.50 per sq. ft. plus operating expenses and real estate taxes, (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement term of the lease of the Expansion SpaceSpace shall commence no later than June 30, 2001 (or such earlier or later date as may be mutually agreed to in writing between the parties) and shall expire on the same day as the lease expiration date stipulated in the Lease (as the same may be extended by any renewal options exercised in accordance with Paragraph 40 of the Lease), (iii) the base year for determining Excess Operating Expenses for the Expansion Premises shall be the year 2001, (iv) Tenant shall be allowed a 90 day period immediately following commencement to perform, install or construct, at Tenant's expense, any desired improvements to the Expansion Premises ("Tenant Improvements"), during which 90 day period no rent (which term shall include pass-through expenses for taxes, insurance and operating expenses) shall accrue or be payable by Tenant with respect to the Expansion Premises, and (v) all of the remaining terms and conditions of the Lease shall be applicable to the Expansion Premises, except that adjustments reflecting the increased total square footage demised under the Lease shall be made to the Tenant's Proportionate Share of Excess Operating Expenses, the number of additional parking spaces available for the exclusive use of Tenant with respect to the Expansion Premises shall be not less than ______ spaces, and the amount of any rent reduction then in effect for janitorial or other responsibilities of Landlord assumed by Tenant in accordance with Paragraphs 5A or 5C hereinabove.

Appears in 1 contract

Sources: Office Lease (Wackenhut Corp)

Expansion Option. (a) If, at any time during the Term, any space becomes available Provided this Lease is in the Building full force and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided effect and that Tenant is not in default hereunderDefault under any of the other terms and conditions of this Lease beyond the expiration of any applicable notice and cure period either at the time of Tenant’s exercise of the Expansion Option (defined hereinafter) or at the commencement of the term with respect to the Expansion Space (defined hereinafter) and subject to all other written contract based options held by tenants of the Building and Landlord's right to first offer and lease any such space to any tenant who is then occupying or leasing such space at the time the space becomes available for leasing and pursuant to a written contract based option then held by such tenant, to the extent such space is available, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space one-time option (the "“Expansion Option”) to expand into that certain space in the Building containing approximately Two Thousand Nine Hundred Fifty (2,950) rentable square feet which is contiguous with the Premises and is hereby known as Suite 420 and shown on Exhibit A-3 attached hereto (“Expansion Space") upon all ). In the terms event Tenant wishes to exercise the Expansion Option, then Tenant shall provide Landlord with written notice of Tenant’s exercise of the Expansion Option at anytime during the period following the full execution of this Lease by both Landlord and conditions contained hereinTenant through December 31, except 2011 (the “Expansion Notice Period”), time being of the essence. Such notice shall be given in accordance with Section 21 of the Lease. If notification of the exercise of this Expansion Option is not so given and received, the Expansion Option granted herein shall automatically expire, and Tenant s hall have no further option to expand into the Expansion Space pursuant to this Section 28.04; provided, however, that (i) Tenant’s Offer Right pursuant to Section 28.05 below shall not be affected by the expiration of the Expansion Option. The Base Rent payable for and other economic terms applicable to the Expansion Space shall be at the fair rental value same Base Rent rate and upon the same economic terms (prorated as of the Expansion Space Option Commencement Date as applicable) then in effect for the Premises as of the date of Landlord's notice; Expansion Option Commencement Date (defined hereinafter) and (ii) Tenant's Proportionate Share shall escalate at the same time and at the same rate as the Base Rent for the Premises. Landlord shall construct improvements for Expansion Space subject to the same terms and conditions applicable to the Tenant Improvements for the Premises. The “Expansion Option Commencement Date” shall be increased, based upon the ratio of date on which the rentable square footage of the improvements for Expansion Space are substantially complete, as adjusted due to any delays ca used by the rentable square footage act or omission of the BuildingTenant. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the The lease term applicable to Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitrationcoterminous with the Term for the Premises. In addition, Base Rent for Expansion Space shall be subject to abatement on the same terms and conditions as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease 28.01 above prorated as of the Expansion Space within Option Commencement Date and through the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the SectionPartial Rent Abatement Period. Subsequent to Upon Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted ’s exercise of the optionExpansion Option pursuant to this Paragraph, at the time of parties shall execute an amendment to this Lease reflecting the proposed commencement of the lease of the Expansion Spaceterms set forth herein.

Appears in 1 contract

Sources: Office Lease Agreement (Micromet, Inc.)

Expansion Option. (a) If, at any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided Provided that Tenant is not in default hereunder, Tenant shall have the right, exercisable upon written notice give option at any time during the first eighteen (18) months of occupancy (the “Option Period”) to Landlord within 15 days after receipt expand the Rentable Area in the Premises to include approximately 3,000 rentable square feet of Landlord's notice, to lease such additional space that is adjacent to the Premises (the "Expansion “Additional Space") upon all on the same terms and conditions contained hereinas set forth in this Lease (the “Expansion Option”). Landlord shall not market the Additional Space during the Option Period in exchange for Tenant’s paying to Landlord the annual sum of $7.00 per rentable square foot of area in the Additional Space (the “Option Period Fee”), except that (i) with such sum to be paid in equal monthly installments for each month of the Option Period in which Tenant has not exercised its Expansion Option or until Tenant elects not to exercise the Expansion Option by written notice to Landlord. Tenant shall pay such monthly installment of the Option Period Fee with Tenant’s monthly payment of Base Rent for as set forth herein. In the event Tenant wishes to exercise its Expansion Option during the Option Period, Tenant shall provide Landlord with written notice of its intention to exercise the Expansion Space shall be the fair rental value Option. Within ten (10) days of Landlord’s receipt of Tenant’s exercise of the Expansion Space as of Option, Landlord and Tenant shall execute an amendment to this Lease confirming the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage of the Premises as expanded and Base Rent as increased, by the Additional Space and including any other such details that Landlord deems reasonably necessary, which do not materially alter the terms of this Lease except as otherwise provided herein. Landlord shall provide Tenant the services set forth in Section 3.1 with respect to the Additional Space, the cost of which shall be borne by Landlord and shall be equal to the per square footage construction costs for the Turnkey Upfit prorated by dividing such per square footage construction costs by a fraction the numerator of which is the number of months remaining in the Term when Tenant exercised its Expansion Option and the denominator of which shall be sixty-five (65) (number of months in the Term). Landlord shall configure the Additional Space so that it has connectivity with the Premises upon Landlord’s delivering the Additional Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereofTenant. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Space.

Appears in 1 contract

Sources: Lease Agreement (Chelsea Therapeutics International, Ltd.)

Expansion Option. (a) If, at any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunder, Tenant shall have the right, exercisable upon written notice give right ("Expansion Option") to Landlord within 15 days after receipt of Landlord's notice, ---------------- expand the Premises to lease such additional space (include the area designated as "Expansion Space") " on Exhibit A on the ground floor, which will increase the Premises by 4,559 square feet for a total of 14,557 square feet upon all the following terms and conditions contained herein, except that conditions: (ia) Base Rent for the Expansion Space shall be the fair rental value Tenant's written notice of exercise of the Expansion Space as Option must be received by Landlord on or before the last day of the ninth (9th) month from the commencement date of Landlord's notice; the Lease and shall be effective commencing with the first day of the 13th month from the commencement date of the Lease, subject to postponement for delay in completing Improvements in accordance with the terms of the Workletter. (iib) The terms of this Lease shall apply to the Expansion Space, except as follows: (1) The Rent then in effect will be applied on a rentable square foot basis to the Expansion Space. (2) Tenant's Proportionate Share shall be increased, based upon the ratio share of the rentable square footage Operating Expenses will be increased to reflect the addition of the Expansion Space to the rentable Premises. (3) Tenant shall be entitled to the same Tenant Improvement Allowance (on a square footage foot basis) as it was entitled to for the original Premises and the Rent shall be increased by the difference between the amount necessary to amortize such Tenant Improvement Allowance over 48 months versus 60 months. For example, if the cost of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of Tenant Improvements for the Expansion Space at the time Tenant exercises its option to lease samewas $75,000, such value shall Rent would be determined increased by arbitration$312.50 per month or $.06 per square foot (i.e., as provided in Section 30 hereof5,000 sq. ft. x $15 psf = $75,000/48 mos $1,562.50 per month less $1,250.00 (60 mos amortization)). (b4) If Tenant fails shall not be entitled to exercise its option to lease free rent regarding the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such rightSpace. (c) If notice of exercise of the Expansion Option is not received within the time provided, the Expansion Option shall expire without notice or action on the part of any party and Tenant shall have no right to exercise its option to lease further interest or rights in the Expansion SpaceSpace and shall, and any attempted exercise shall be void and of no effectupon request, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% execute documentation confirming such expiration. Time is expressly of the Premises essence with regard to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion SpaceOption.

Appears in 1 contract

Sources: Office Lease (Accredited Home Lenders Holding Co)

Expansion Option. (a) If, at 25.1 Subtenant shall have a right of first offer to lease any time during the Term, any additional space becomes available that Sublandlord intends to sublease in the Building Building. Prior to subleasing any additional space in the Leased Premises, Sublandlord shall provide written notice (the "Offer Notice") to Subtenant of Sublandlord's intention to sublease such space. The Offer Notice shall identify the space proposed to be sublet (the "Additional Space") and if another tenant specify the time (the "Delivery Date") Sublandlord will deliver possession of the Building has not exercised a superior Additional Space as well as the rent and additional payments which would be payable for such Additional Space. Subtenant shall have the right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunder, Tenant shall have the right, exercisable upon Additional Space by giving Sublandlord written notice give to Landlord within 15 seven (7) business days after receipt of Landlord's noticethe Offer Notice that Subtenant is exercising its right to lease the Additional Space. If Subtenant so exercises its right of first offer, this Sublease shall be deemed modified, as of the Delivery Date, to include the Additional Space. The lease such additional space (of the "Expansion Space") Additional Space shall be upon all the same terms and conditions contained hereinset forth in this Sublease; provided however, except that (i) the Base Rent for the Expansion Additional Space shall be the fair rental value of the Expansion Space as of the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as amount set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement Offer Notice. The term of the lease for the Additional Space leased pursuant to this provision shall expire on the Sublease Expiration Date. 25.2 This right is personal to the Subtenant named herein and is not transferable and may be revoked by Sublandlord in the event of repeated late payments by Subtenant or other repeated defaults of material provisions of the Expansion SpaceSublease.

Appears in 1 contract

Sources: Sublease Agreement (Cybercash Inc)

Expansion Option. (a) If, at any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunder, Tenant shall have the rightright and option to expand the Demised Premises, exercisable upon written by notifying Landlord in writing of the exercise of such option. Such notice give shall include exercise of Tenant’s right to extend the term of this Lease by five years as provided herein. This option for expansion shall be for one addition (the “Addition”), from twenty thousand (20,000) square feet to at least twenty-five thousand (25,000) square feet, the exact square footage to be determined by Tenant in its sole discretion, and shall be of similar appearance, construction and quality to the Demised Premises. Tenant shall provide the plans, specifications and descriptions for the Addition (the ‘‘Plans”) to Landlord within 15 sixty (60) days after of notification of its exercise of such option to expand. Within four (4) months of receipt of the Plans, Landlord shall commence construction of the Addition at its cost and expense and shall diligently pursue completion of the Addition in a good and workmanlike fashion. Any changes to the Plans must be approved by Tenant and Landlord's notice. Landlord shall diligently proceed with such construction and shall complete the same and deliver possession thereof to Tenant as soon as practicable, to lease provided however, if construction is delayed because of changes in construction requested by T▇▇▇▇▇, strikes, lockouts, acts of God or the public enemy or other acts beyond the control of Landlord, then the time of completion of such additional space (the "Expansion Space") upon all the terms and conditions contained herein, except that (i) Base Rent construction shall be extended for the Expansion Space shall be the fair rental value of the Expansion Space additional time caused by such delay. Commencing as of the date that a certificate of Landlord's notice; occupancy for the Addition is issued and the Tenant has the right to occupy the Addition (ii) Tenant's Proportionate Share the “Addition Effective Date”), the rental payments due hereunder shall be increasedadjusted as follows: First, based upon the ratio of Base Rent rate then in effect shall be applied to the rentable total square footage of the Expansion Space Demised Premises, including the Addition. Second, the construction costs for the Addition, which shall be approved as reasonable by Tenant, shall be amortized over a 240-month period at a rate equal to the rentable square footage interest rate in effect on the Addition Effective Date on the financing secured by Landlord from an institutional lender on commercially reasonable terms to construct the Addition, and the amount so determined will be added to the monthly rent due under this Lease. If such financing is subject to a variable interest rate, the amount to be added to the monthly rent due under this Lease shall be re-amortized on each five-year anniversary of the BuildingAddition Effective Date using the interest rate in effect as of such anniversary date. Landlord's notice Notwithstanding anything herein to the contrary, the amount added to the monthly rent shall include a statement of Landlord's reasonable estimate be further adjusted to the extent necessary to ensure that the principal amount of the fair rental value indebtedness incurred by Landlord in connection with the construction of the Expansion spaceAddition (the “Outstanding Debt”) shall not exceed $400,000 at the expiration of the renewal term provided herein, provided that the Outstanding Debt shall be computed as if all rent paid to Landlord in excess of the Base Rent has been applied to the reduction of the Outstanding Debt. If Landlord and Tenant acknowledge that financial assistance or tax incentives in connection with the construction of the Addition may be available from state and local governmental sources, and the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option agree to lease same, cooperate m securing any such value shall be determined by arbitration, as provided in Section 30 hereofavailable assistance. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any 5. All terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant Lease not specifically modified herein shall be remain in default hereunder full force and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Space.effect

Appears in 1 contract

Sources: Lease Agreement (Nortech Systems Inc)

Expansion Option. (a) If, at So long as no event of default then exists under this Lease following the expiration of any time during the Term, any space becomes available in the Building applicable notice and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereundercure period, Tenant shall have the rightright (the “Expansion Option”) to lease the Expansion Space (as that term is hereinafter defined) pursuant to and in accordance with the following terms and conditions: a. Effective as of March 1, exercisable upon 2009 (“Effective Date A”), Tenant shall have the right to lease all or a minimum of 12,000 rentable square feet of space on Floor 7 of the Building (“Expansion Space A”). Effective as of March 1, 2011 (“Effective Date B”), Tenant shall have the right to lease all or a minimum of 12,000 rentable square feet of space on Floor 9 of the Building (“Expansion Space B”). Expansion Space A and Expansion Space B shall collectively be referred to herein as the “Expansion Space.” If Tenant leases less than all remaining space on the applicable Floor (with a minimum of 12,000 rentable square feet as aforesaid), the location of such space will be one internally contiguous block of space having direct elevator lobby exposure, the exact location of which will be determined based on the configuration of the other tenants on the Floor and in such a manner as to ensure that the remaining unleased space is marketable in Landlord’s reasonable judgment. b. Each Expansion Option shall be exercised by Tenant, if at all, by Tenant providing written notice give to Landlord at least ten (10) months prior to the applicable Expansion Option Effective Date. Should Tenant fail to duly and timely exercise any Expansion Option, it shall become null and void and of no further force and effect. Should Tenant duly and timely exercise an Expansion Option, Landlord shall deliver the applicable Expansion Space to Tenant within 15 six (6) months following the applicable Effective Date for Tenant to commence its improvements therein and on the date of such delivery, the Expansion Space shall be added to the Premises. Rent for the applicable Expansion Space shall commence on the earlier to occur of ( ) one hundred twenty (120) days after receipt of Landlord's notice, the date Landlord delivers the Expansion Space to lease such additional space Tenant or (ii) the date Tenant begins conducting business in the applicable Expansion Space (the "“Rent Effective Date”), through the last day of the term, as the same may be extended. The Expansion Space") upon Space shall be subject to all the terms and conditions contained hereinprovisions of this lease, except that as amended, including Base Rental (i) Base Rent on a per square foot of net rentable area basis), and additional rent then in effect for the Premises. c. Tenant improvements for the Expansion Space shall be designed and installed in accordance with the fair rental value procedures and conditions set forth in the Exhibits attached to this lease as Exhibit C and Exhibit D and Tenant’s allowance for improvements shall be an amount equal to the product of multiplying $31.00 times the number of square feet of net rentable area in the Expansion Space as times a fraction, the numerator of which is the date number of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon full calendar months remaining in the ratio of initial term after the rentable square footage of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Spaceapplicable Option Effective Date, and any attempted exercise shall be void and the denominator of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Spacewhich is 120.

Appears in 1 contract

Sources: Lease Agreement (Homebanc Corp)

Expansion Option. (a) If, at any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is Provided Lessee s not in default hereunderof any term or condition of the Lease on the date Lessee receives notice of availability from Lessor (unless the default is cured within the applicable cure period, Tenant shall Lessee will have the right, exercisable upon written notice give Option to Landlord within 15 days after receipt Expand into the approximately 5,000 rentable square feet of Landlord's notice, contiguous space to lease such additional space the west of the Premises (the "Expansion Space") upon all ), subject to Lessor's ability to relocate the existing tenant or a future tenant from the Expansion Space pursuant to the terms and conditions contained herein, except that of the tenant's lease. A copy of the pertinent relocation clause for the existing tenant is attached to this Lease. This option to expand may be exercised at any time during the term of this Lease by written notice to Lessor given at least four (i4) Base Rent months prior to the date Lessee wishes to begin leasing the Expansion Space. The lease terms for the Expansion Space shall be the fair rental value of same terms and conditions as the Expansion Space existing lease except as of the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage Lessor delivers possession of the Expansion Space to Lessee with the rentable square footage of tenant improvements if any' completed, (a) the Building. Landlord's notice Premises shall be expanded to include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion Space, (b) Lessee's share of common area costs shall be increased to reflect the added space, (c) the rent and tenant improvements for the Expansion Space will be as negotiated by the two parties. If the parties have not agreed upon can't agree, then, the Monthly Minimum Rent shall be increased to the then current fair market rent (the "New Rent") and Lessor shall provide the same level of tenant improvements as are then being provided by landlords under comparable leases. The New Rent shall be the average prevailing rental value rate for comparable space. The parties agree that for purposes of determining the New Rent and the level of prevailing tenant improvements, they will look to the leases signed within the prior six (6) months for space on the first floor of the Expansion Space at following buildings: 1800 ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇e▇▇▇▇ ▇▇▇lding and the Metropolitan Park Buildings. If there are no leases signed within that time Tenant exercises its option period for the first floor space in those buildings, then the parties will use leases signed within the last six (6) months for space in the top 35% of floor space in those buildings. The parities agree to select an independent appraiser who will contact the owners of those buildings, obtain the most recent lease samerates for the applicable space, such value average the result (if there are more than one) and produce the figure which shall be determined considered the "New Rent". The appraiser shall also determine the average level of tenant improvements provided by arbitration, as landlords for those comparable leases and that is the level of tenant improvements to be provided by Lessor in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, at Lessor's expense. The party who is furthest from the appraiser's New Rent shall pay the fee of the appraiser, who's determination will be binding. Lessor shall prepare and any attempted exercise Lessee shall execute a lease amendment for the extension within thirty (30) days after determination of the New Rent, who's determination will be void binding. Lessor shall prepare and Lessee shall execute a lease amendment for the extension within thirty (30) days after Lessee's not)notification to Lessor of no effectits intent to expand. In addition, if: (i) Lessee shall pay the named Tenant has assigned this Lease or has at any time subleasedreasonable costs to relocate the existing tenant from the Expansion Space as may be provided in that tenant's lease, to another location in the aggregatebuilding, more than 50% including the cost of equivalent tenant improvements in the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Spacenew space.

Appears in 1 contract

Sources: Office Lease (Targeted Genetics Corp /Wa/)

Expansion Option. (a) IfProvided that on the date Tenant exercises the Expansion Option and on the ES Possession Date (i) this Lease shall not have been terminated, at (ii) Tenant shall not be in monetary default under this Lease, or in non-monetary default under this Lease beyond applicable notice and grace periods and (iii) Tenant shall not have sublet any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunderdemised premises, Tenant shall have the rightoption (the "Expansion Option") to lease, exercisable upon written notice give to Landlord within 15 days after receipt of at Landlord's noticeoption, either (A) the space on the 6th floor of the Building substantially as shown hatched on the floor plan annexed as Schedule I ("Expansion Space I") or (B) the space on the 6th floor of the Building substantially as shown hatched on the floor plan annexed as Schedule N ("Expansion Space II", Expansion Space I or Expansion Space II, as designated by Landlord as the expansion space to lease such additional space (he leased by Tenant, is hereinafter referred to as the "Expansion Space"). Landlord and Tenant confirm that Expansion Space I is conclusively deemed to contain 43,099 rentable square feet and Expansion Space II is conclusively deemed to contain 42,632 rentable square feet. The Expansion Option may be exercised only by Tenant giving Landlord notice thereof (the "Expansion Notice") on or before September 30, 1999. If this Lease shall be terminated or if any of the other conditions to Tenant's Expansion Option described above shall no longer be satisfied at any time before ES Possession Date, Tenant's Expansion Option, or its exercise thereof, or any lease created by any such exercise, shall be abrogated and rendered null and void. If Tenant fails to timely give such notice, Tenant's Expansion Option shall be terminated and be deemed waived by Tenant. If Tenant is in monetary default at the time it exercises the Expansion Option and Tenant cures such default prior to September 30, 1999, Tenant shall be entitled to re-exercise the Expansion Option by giving Landlord another Expansion Notice on or before September 30, 1999, so long as the conditions specified above are satisfied as of such exercise date. If Tenant timely gives the Expansion Notice, on the ES Commencement Date, the Expansion Space shall become part of the demised premises, upon all of the terms and conditions contained hereinset forth in this Lease, except that that: (i) Base Rent The basic annual rent shall be increased by (A) if Tenant shall have timely and properly given an Expansion Notice on or before May 17, 1999, an amount equal to the product of (x) (i) for the Expansion Space shall be period commencing on the fair rental value ES Inclusion Date and ending on the day immediately preceding the fifth (5th) anniversary of the Expansion Space as of the date of Landlord's notice; Commencement Date, $30.50 and (ii) Tenant's Proportionate Share shall be increasedcommencing on the Commencement Date and ending on the Expiration Date, based upon the ratio of $33.50 and (y) the rentable square footage of the Expansion Space and (B) if Tenant shall have timely and properly given an Expansion Notice after May 17, 1999 and on or before September 30, 1999, the ES Fair Market Rent; (ii) Tenant's Tax Share shall be increased by (A) 2.87% if the Expansion Space is Expansion Space I and (B) 2.84% if the Expansion Space is Expansion Space II; (iii) Tenant's Operating Share shall be increased by (A) 3.01% if the Expansion Space is Expansion Space I and (B) 2.98% if the Expansion Space is Expansion Space II; and (iv) Landlord shall not be required to perform any work, install any fixtures or equipment or render any services or, except as provided in subparagraph (v) below, make any contribution to prepare the Building or Expansion Space for Tenant's use or occupancy and Tenant shall accept the Expansion Space in its "as is" condition on the ES Possession Date. (v) Tenant shall be entitled to reimbursement of up to an amount equal to $27.50 per rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value foot of the Expansion Space at (the "Expansion Premises Allowance") for Hard Costs and Soft Costs paid by Tenant in connection with the preparation of the Expansion Space for Tenant's occupancy, provided, that Tenant shall not be entitled to reimbursement from the Expansion Premises Allowance for Soft Costs to the extent such Soft Costs exceed an amount (the "Expansion Space Soft Costs Maximum") equal to 25% of the Expansion Premises Allowance. Tenant shall have the right to submit to Landlord, from time Tenant exercises its option to lease sametime, such value but not more frequently than once per month, a notice setting forth the dollar amount requested, which notice shall be determined accompanied by arbitration(i) paid invoices or other evidence reasonably satisfactory to Landlord of the amounts paid by Tenant for such Hard Costs and/or Soft Costs, (ii) a certificate from a financial officer of Tenant that Tenant has not been reimbursed previously for such Hard Costs and/or Soft Costs, (iii) a certificate from Tenant's architect which certifies that the work for which Tenant is seeking reimbursement has been completed substantially in accordance with the plans and specifications previously approved or deemed approved by Landlord and in compliance with all applicable Legal Requirements and (iv) evidence reasonably - 84 - satisfactory to Landlord (including, without limitation, lien waivers) that all sums properly due and owing to contractors, subcontractors and materialmen in connection with the work for which Tenant is seeking reimbursement have been paid. Within thirty (30) days after receipt of such notice and other information and provided the certificates and other deliveries made therewith are correct, Landlord shall reimburse Tenant for the amount thereof until the total of all such reimbursements is equal to the Expansion Premises Allowance (it being understood that in no event shall Landlord be obligated to expend in excess of the Expansion Premises Allowance or reimburse Tenant for Soft Costs in excess of the Expansion Space Soft Costs Maximum). Anything to the contrary contained herein notwithstanding anything, Landlord shall have the right to withhold $25,000 from the Expansion Premises Allowance, which amount shall not be released to Tenant unless and until Tenant delivers to Landlord final working drawings, with amendments, or the mylar set of "as provided built" plans, drawings and specifications for the work performed in the Expansion Space and the disk carrying the same in accordance with Section 30 hereof6.01(11). (vi) If Tenant shall have timely and properly given an Expansion Notice on or before May 17, 1999, the term of the leasing of the Expansion Space shall commence on the ES Commencement Date and expire on the last day of the month that is 120 months after the month in which the ES Commencement Date occurs (it being understood that if Tenant shall have timely and properly given an Expansion Notice after May 17, 1999 and on or before September 30, 1999, the term of the leasing of the Expansion Space shall commence on the ES Commencement Date and expire on the originally scheduled Expiration Date). (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord The "ES Possession Date" shall be free to lease the date that Landlord delivers vacant possession of the Expansion Space to any party upon any terms Tenant, broom-clean with all movable furniture and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such rightpersonal property removed. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Space.

Appears in 1 contract

Sources: Office Lease (Credit Suisse First Boston Usa Inc)

Expansion Option. Provided that both (ai) Ifan Event of Default is not outstanding on the day on which Lessee purports to exercise the Expansion Option as hereinafter defined or prior to the first day on which the Expansion Space as hereinafter defined will be occupied, and (ii) the Lessee named herein and any Lessee Affiliates (as defined in Section 8.0(i)) are actually occupying at least 51% of the Rentable Area of the Premises as of each of said dates then, if any portion of the remaining space on the first or second floors of the Building that are contiguous to the Premises (the “Expansion Space”) becomes available for occupancy at any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right Term as it may be extended. Lessor shall first offer to lease such spacethe Expansion Space to Lessee (the “Expansion Option”) on the terms hereinafter set forth. The Expansion Option may be exercised by the Lessee by notice thereof to Lessor, Landlord shall so notify Tenant in writing and, provided that Tenant is dispatched not in default hereunder, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 less than fifteen (15) days after receipt of Landlord's notice, to lease such additional space (written notice from Lessor of the "availability of the Expansion Space". If Lessee exercises its Expansion Option: (i) upon the Expansion Space shall become part of the Premises, subject to all the terms and conditions contained herein, except that of this Agreement; (iii) Base Basic Rent for the Expansion Space shall be as set forth in Section 4.1; and (iii) Lessee’s Share (Taxes) and Lessee’s Share (Operating Expenses) shall be adjusted to take the fair rental value rentable area of the Expansion Space into account; all effective as of the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon on which Lessee dispatches its notice exercising the ratio of the rentable square footage of Expansion Option. Any work required to render the Expansion Space to suitable for occupancy by Lessee shall be performed in accordance with the rentable square footage provisions of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, Work Letter attached hereto as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Space.Exhibit E.

Appears in 1 contract

Sources: Lease (Elixir Pharmaceuticals, Inc.)

Expansion Option. (a) If, at any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunder, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, option to lease such additional the balance of the space on the fourth floor of the Building ("Expansion Option") as shown on the attached floor plan ("Expansion Space") upon all by providing Landlord written notice on or before December 31, 1998. The Expansion Space shall be deemed to contain 8,001 rentable sq. ft. If the terms Expansion Option is exercised, the Leased Premises when combined with the Expansion Space, shall contain 21,033 rentable sq. ft. Landlord will provide the Expansion Space in an "as is" condition and: a) allow Tenant access to and conditions contained hereinuse of any building materials stored therein; b) provide a base buildout allowance of $15.00 per rentable sq. ft. or $120,015.00; c) provide an architectural and engineering allowance of $.50/rentable sq. ft. or $4000.50; and d) provide, except that at Tenant's option, an additional buildout allowance of $6.00 per rentable sq. ft. or $48,006.00 to be amortized monthly over the term of the Lease at 10% interest (i) collectively, the "Buildout Allowances"). Tenant shall have the right to construct improvements in the Expansion Space without paying a construction management fee to Landlord or Landlord's agent, subject only to Landlord's approval of the Expansion Space construction documents, as such approval is described in Rider 301 of the First Amendment to Lease ("Workletter"). Tenant shall pay a Base Rent Rental for the Expansion Space shall be the fair rental value of the Expansion Space as of the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have follows: TERM MONTHLY RATE ANNUAL RATE ---- ------------ ----------- 7/99 - 12/03 $ 1.5416 $ 18.60 1/04 - 12/04 1.6333 19.60 1/05 - 12/05 1.7166 20.60 Whether or not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease completed the buildout of the Expansion Space, and any attempted exercise the Base Rental shall be void and commence one hundred eighty (180) days after delivery of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted written notice to exercise the Expansion Option but in no event later than July 1, 1999. The lease term on the Expansion Space shall expire on December 31, 2005. For purposes of the option, at the time calculating Tenant's Pro Rata Share of the proposed commencement of the lease of Operating Costs attributable to the Expansion Space, the actual Operating Costs for calendar year 1999 shall be Landlord's Operating Cost contribution. Tenant's Pro Rata Share attributable to the Expansion Space is 4.193% and if this Expansion Option is exercised, 11.02% for the combined Leased Premises.

Appears in 1 contract

Sources: Office Lease Agreement (Bionumerik Pharmaceuticals Inc)

Expansion Option. Tenant shall have the right on the fifth (a5th) Ifanniversary of the Rental Commencement Date to lease up to an additional Three Thousand Two Hundred Eighty (3,280) square feet, at any time during on the Termfirst floor of the Building, any space becomes available or such greater amount of square footage which has not been leased by Tenant if Tenant elects to reduce the size of the Demised Premises as set forth in Paragraph 1.B. or if Landlord increases the Building and if another tenant size of the Building has not exercised a superior right pursuant to Paragraph 47. (The portions of the adjacent square footage on which Tenant shall hold options hereunder and any space leased by Tenant pursuant to Paragraph 39 below, shall be defined herein as the "Additional Space"). Tenant shall only be entitled to lease such space, the Additional Space in increments to be determined by the size of the existing office suites developed in the Additional Space. The per square foot rental rate for the Additional Space will be the rate then being paid by Tenant under this Lease for the Demised Premises with the exception that Landlord shall so notify provide Tenant with an improvement allowance for the Additional Space equal to the then "Fair Market" (as defined in writing andthe attached Exhibit "K") for such improvement allowances. If Landlord and Tenant cannot agree on a "Fair market" improvement allowance, provided that the improvement allowance matter will be resolved via arbitration pursuant to the procedure set forth in Exhibit "K". Tenant is not shall provide Landlord with nine (9) months prior written notice of its election to expand into the Additional Space in default hereunderaccordance with the option granted in this Paragraph 38, failing which, the option shall be deemed waived and of no further force and effect. Upon delivery of possession of the Additional Space to Tenant, Tenant shall have ninety (90) days to construct its leasehold improvements to the right, exercisable upon written notice give Additional Space with Rent to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space (the "Expansion Space") upon all the terms and conditions contained herein, except that (i) Base Rent commence for the Expansion Additional Space shall be on the fair rental value earlier of occupancy for the purpose of conducting its business of the Expansion Additional Space as by Tenant or ninety (90) days from the delivery of possession of the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage of the Expansion Additional Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises for its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereofleasehold improvements. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Space.

Appears in 1 contract

Sources: Lease Agreement (Wackenhut Corp)

Expansion Option. Provided that Sublandlord has exercised its option ---------------- under the Master Lease for the rental of such space, (awhich Sublandlord agrees to do (so long as it is entitled to do so under the terms of the Master Lease) Ifin the event that Subtenant elects to exercise its option on the Expansion Premises under this Section 23), at Subtenant may expand the Subleased Premises to include all or any time during part of the Term, any space becomes available in fifty thousand (50,000) square feet located on the first floor of the Building and if another tenant of adjacent to the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunder, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space initial Subleased Premises (the "Expansion SpacePremises") upon all ), on the same terms and conditions contained hereinas the initial Subleased Premises (except for the rental of such space), except that by providing written notice of Subtenant's election to so expand to Sublandlord on or before the expiration of the third full lease year of the Initial Term. Upon Subtenant's exercise of its right to expand, Sublandlord shall (i) Base Rent for cause structural work comparable to the Structural Work to be performed in the Expansion Space shall be the fair rental value of the Expansion Space as of the date of LandlordPremises to Subtenant's notice; reasonable satisfaction, and (ii) Tenant's Proportionate Share shall be increased, based upon use its best efforts to make available to Subtenant a tenant improvement allowance in the ratio amount of the rentable $140.00 per square footage foot of the Expansion Space Premises. In the event that Sublandlord is unable, despite its reasonable best efforts, to perform the foregoing obligations, Subtenant shall have the right to terminate this Sublease; provided, however, upon such termination Subtenant shall pay to Sublandlord an amount equal to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the optionunamortized principal balance, at the time of the proposed commencement such termination, of the lease tenant improvement bond financing used to fund the TI Work. Any Expansion Premises leased by Subtenant shall be deemed to be included within the term Subleased Premises as used herein and any annual rent and additional rent due in connection therewith shall be deemed to be included within the terms Annual Rent and Additional Rent as used herein; provided, however, that Annual Rent for such space shall be as provided in Section 3 of this Sublease. Such rent shall commence on the first day following the completion of the Structural Work and the TI Work for the Expansion Premises. Excluding the distinctions in rent, all terms and conditions of this Sublease applicable to the Subleased Premises shall be applicable to any or all of the Expansion SpacePremises which are leased by Subtenant.

Appears in 1 contract

Sources: Sublease Agreement (Osiris Therapeutics Inc)

Expansion Option. (a) IfThe following Expansion Option shall apply to ---------------- the Additional Space: Subject to Subsection 7C below, Tenant may at any time during its option expand the Additional Space as described below for the remaining Additional Space Term, any space becomes available upon the terms contained herein and in the Building and if another tenant of the Building has not exercised a superior right to lease such spaceLease, except that Tenant shall pay Additional Space Base Rent as described in Subsection A below. Any expansion space shall be delivered "As Is"; Landlord shall so notify Tenant have no obligation to perform any construction in writing and, provided that Tenant is not in default hereunder, such space or to contribute to the cost of any construction by Tenant. A. Tenant shall have the right, exercisable upon written notice give option to Landlord within 15 days after receipt expand into approximately 4,153 of Landlord's notice, rentable square feet on the eighth (8th) floor of the Building located adjacent to lease such additional space the Additional Space (the "Expansion Space") at any time during the --------------- first year of the Additional Space Term upon all the terms and conditions contained herein, except that three (i3) months prior written notice to Landlord. The initial Base Rent for the Expansion Space shall be the fair rental value of the Expansion Space as of the date of Landlord's notice; and (ii) Tenant's Proportionate Share $17.26 per rentable square foot which shall be increased, based upon the ratio of the rentable square footage of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, increased annually as provided in the Section 30 4 hereof. The Expansion Space shall become a part of the Additional Space for all purposes of the Lease and this Amendment. (b) B. If Tenant fails to exercise its deliver notice to Landlord within the required time period, Tenant will be deemed to have waived such option to lease the Expansion Space within the 15-day period as set forth aboveexpand. Promptly after Tenant's exercise of its expansion option, Landlord shall be free execute and deliver to lease Tenant an amendment to the Lease to reflect changes in the Additional Space, Additional Space Base Rent, the Additional Space Proportionate Share, and any other appropriate terms changed by the addition of the Expansion Space to any party upon any terms Space. Within 15 days thereafter, Tenant shall execute, review and conditions Landlord shall determine, from time to time during return the Term, without any further obligation to Tenant under the Section. Subsequent to amendment. C. Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease expand the Additional Space is subject to the conditions that: (i) no existing tenant in the Building has any rights to the Expansion Space, (ii) on the date that Tenant delivers its notice exercising its option to expand Tenant is not in default under the Lease after the expiration of any applicable notice and any attempted exercise cure periods, and (iii) Tenant shall be void and of no effect, if: (i) not have assigned the named Tenant has assigned this Lease or has sublet any portion of the Premises or Additional Space under a sublease which is effective at any time subleased, in during the aggregate, more than 50% final 9 months of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion SpaceAdditional Space Term.

Appears in 1 contract

Sources: Lease (Focal Communications Corp)

Expansion Option. (a) If, Provided that no Default has occurred and is continuing with respect to Tenant at any the time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunderits exercise of this option, Tenant shall have the rightoption to expand ("Expansion Option") into that area of up to 25,000 contiguous rentable square feet known as "Expansion Area #1" (as more particularly described below), exercisable upon all of the following conditions: (a) Tenant shall exercise this Expansion Option by written notice give which must be received by Landlord no later than 5:00 p.m. on the date which is nine (9) months prior to the Expansion Date (as defined in the following sentence). The Expansion Date, currently the first day of the sixty-seventh (67th) full calendar month of the Lease Term, shall be subject to an adjustment of no more than six (6) months which adjustment shall be made by Landlord within 15 days after receipt in its sole discretion provided Landlord delivers Tenant notice of such adjustment by no later than the first (1st) day of the fifty-fifth (55th) full calendar month of the Lease Term. Within one (1) month of Landlord's receipt of Tenant's notice, to lease such additional space Landlord shall identify that area within the Building available for Tenant's expansion needs (the "Expansion SpaceArea #1") upon all the terms by providing Tenant a floor plan of said area. Landlord and conditions contained herein, except Tenant hereby agree that (i) Base Rent for the Expansion Space Area #1 shall be contiguous with Tenant's Premises, shall be located on a single floor of the fair rental value Office Tower (unless such space includes space on a floor only partially occupied by Tenant, in which case Expansion Area #1 shall be all of the space on such floor not previously occupied by Tenant and space on one (1) other floor contiguous to the Premises) and located in that portion of the Office Tower containing the same elevator bank where Tenant's existing Premises are located. Within ten (10) business days of Landlord's identification of the Expansion Space as of the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its optionArea #1, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that shall notify Landlord of what portion of Expansion Area #1 Tenant has declined elects to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenanttake; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Space.and

Appears in 1 contract

Sources: Office Lease Agreement (S1 Corp /De/)

Expansion Option. All expansion options granted to Lessee under the Lease, including, without limitation, any and all expansion options, rights of first refusal or rights of first offer, are hereby deleted in their entirety and the following, along with Lessee's rights granted under Section 9 and Section 10 below, are substituted in their place and stead: (a) If, at any time during Lessor hereby grants to Lessee one (1) option to expand the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunder, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space Premises (the "Expansion SpaceOption") upon all by between 17,500 rentable square feet and 19,250 rentable square feet (the "Expansion Premises"), effective as of the Expansion Premises Commencement Date (as hereinafter defined) and expiring on the Extended Expiration Date, unless sooner terminated or extended in accordance with the terms of the Lease, as amended hereby, under the following terms and conditions. The Expansion Premises shall be located on any of the 8th through the 14th floors of the Building. (b) Lessee may, by written notice (the "Expansion Inquiry Notice") given to Lessor no sooner than October 1, 2009, and no later than November 15, 2009, request Lessee's terms and conditions contained hereinfor a lease of the Expansion Premises. If Lessee timely delivers the Expansion Inquiry Notice to Lessor, Lessor shall, no later than November 30, 2009, notify Lessee ("Lessor's Notice") of the precise location and area of the Expansion Premises, the commencement date of the Lease with respect to the Expansion Premises and the Base Rent for the Expansion Premises. The rentable square footage of the Expansion Premises shall be determined by Lessor within the range identified above. The commencement date of the Lease with respect to the Expansion Premises shall no sooner than January 1, 2011, and no later than March 31, 2011. Base Rent for the Expansion Premises shall be equal to the Fair Market Base Rental (as hereinafter defined and determined), including the Fair Market Base Rental Escalation Rate (as hereinafter defined and determined), for the Expansion Premises for the applicable term of the Lease for the Expansion Premises. After receipt of Lessor's Notice, if Lessee disagrees with Lessor's determination of the Fair Market Base Rental or Fair Market Base Rental Escalation Rate, Lessor and Lessee shall negotiate in good faith to agree upon a Fair Market Base Rental and Fair Market Base Rental Escalation Rate. (c) Lessee may elect by written notice (the "Expansion Notice") given to Lessor at any time, but no later than January 1, 2010, time being of the essence, to (i) not exercise the Expansion Option, (ii) exercise the Expansion Option and accept the terms set forth in Lessor's Notice (or as otherwise agreed during negotiations as provided above), or (iii) exercise the Expansion Option but submit the determination of Fair Market Base Rental and/or Fair Market Base Rental Escalation Rate for the Expansion Premises to arbitration as provided in Section 13 below. Lessee's election shall be irrevocable once made. If Lessee fails to timely exercise the Expansion Option, Lessee's rights hereunder with respect to the Expansion Option shall terminate and Lessor shall have no further obligation hereunder with respect thereto. (d) If Lessee timely exercises the Expansion Option, then Lessor shall deliver possession of the Expansion Premises to Lessee on or before the commencement date stated in Lessor's Notice, provided, however, that in no event shall Lessor be liable to Lessee if Lessor is unable to deliver possession of the Expansion Premises on or before the designated commencement date for causes outside of Lessor's reasonable control, including the hold over of any existing occupant, provided, however, that in any event, Lessor shall use all commercially reasonable efforts to obtain possession, including an eviction action, if reasonably necessary. Effective as of the date of such delivery to Lessee (the "Expansion Premises Commencement Date"), the Expansion Premises shall be included in the Premises and shall be subject to all of the terms, conditions and provisions of the Lease, as amended, except that as follows: (i) The rentable area of the Premises shall be increased by the rentable square feet of the Expansion Premises and Lessee's Proportionate Share shall be increased accordingly; (ii) Base Rent for the Expansion Space Premises shall be the fair rental value as set forth in Lessor's Notice or as otherwise determined hereunder; and (iii) Lessee shall take possession of the Expansion Space Premises in an "as of is" condition. (e) Lessee's right to exercise the Expansion Option is contingent upon Lessee not being in Default under the Lease, as amended hereby, either on the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increasedthat Lessee exercises such Expansion Option or, based upon the ratio of the rentable square footage unless waived in writing by Lessor for purposes of the Expansion Space to Option, on the rentable square footage date that otherwise would have been the commencement date of the Buildinglease term for the Expansion Premises. Landlord's notice shall include a statement of Landlord's reasonable estimate If Lessee is not in Default under the Lease, as amended hereby, on the date Lessee exercises such Expansion Option but is so in Default on the date that otherwise would have been the commencement date of the fair rental value lease term for the Expansion Premises and Lessor does not waive in writing such Default for purposes of the Expansion space. If the parties have not agreed upon the fair rental value Option, then, notwithstanding Lessee's timely exercise of the Expansion Space at the time Tenant exercises its option to lease sameOption, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant Lessee shall have no right to lease such Expansion Premises as a result of Lessee's exercise its option to lease of such Expansion Option. (f) If Lessee exercises the Expansion SpaceOption, Lessor and any attempted exercise Lessee shall execute and deliver an amendment to the Lease reflecting the lease by Lessor to Lessee of the Expansion Premises on the terms provided above, which amendment shall be executed and delivered promptly after Lessee and Lessor agree on the Fair Market Base Rental and Fair Market Base Rental Escalation Rate. (g) The Expansion Option shall automatically terminate and become null and void and of no effect, if: force or effect upon the earlier to occur of (i) the named Tenant has assigned this Lease expiration or has at any time subleased, in the aggregate, more than 50% termination of the Premises to a party other than one controllingLease, controlled by or under common control with Tenant; or as amended, (ii) Tenant shall be in default hereunder the termination of Lessee's right to possession of the Premises, or (iii) the failure of Lessee to timely or properly exercise such Expansion Option. The Expansion Option is personal to Lessee (and such default to any parent, subsidiary or affiliate of Lessee to which the Lease is assigned pursuant to the terms and conditions of the Lease) and shall not have been cured at be assignable by Lessee separately from the time Lease. (h) The Expansion Option shall not be deemed altered or affected by Lessee's lease of any First Opportunity Space under Section 9 below or any First Offer Space under Section 10 below unless, as a result of Lessee's exercise of such rights, insufficient space remains on the 8th through 14th floors of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion SpaceBuilding.

Appears in 1 contract

Sources: Lease (Playboy Enterprises Inc)

Expansion Option. During the period between the date of this Lease and April 30, 2018 (a) Ifthe “Expansion Period”), at Tenant will have the exclusive right to expand the Premises to include all or any time during portion of the Term, any remaining space becomes available in located on the Building and if another tenant 7th floor of the Building has not exercised a superior right (the “7th Floor Available Expansion Space”) on the terms set forth in this Section. If Tenant desires to lease exercise such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunderexpansion option, Tenant shall have the right, exercisable upon must do so by delivering written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space (the "Expansion Space") upon all Notice”), which Expansion Notice must identify the terms location and conditions contained herein, except that (i) Base Rent for the Expansion Space shall be the fair rental value of the Expansion Space as of the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage of the 7th Floor Available Expansion Space to or applicable part thereof (the rentable square footage of “7th Floor Actual Expansion Space”) and the Building. Landlord's notice date such expansion will be effective (the “Expansion Commencement Date”), and the Rent Commencement Date for the 7th Floor Actual Expansion Space shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion spacenot be later than May 1, 2018. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its expansion option with respect to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease only a portion of the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the 7th Floor Expansion Space, then the location, dimensions and any attempted exercise shall layout of such space will be void subject to Landlord’s prior approval, which approval will not be withheld so long as the location and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% dimensions of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall 7th Floor Actual Expansion Space do not have been cured at make the time remainder of the attempted exercise or, if such default occurs after Tenant's attempted exercise 7th Floor of the option, at the time of the proposed commencement of the lease of Building unmarketable or unusable. Tenant’s failure to deliver an Expansion Notice during the Expansion SpacePeriod is deemed a waiver of Tenant’s expansion option.

Appears in 1 contract

Sources: Office Lease Agreement (Cray Inc)

Expansion Option. During the term of the Lease, Tenant shall have the option to lease space contiguous to the Premises (a) If"Option Space"), in the "As Is" condition, as it becomes available during the term of the Lease, at any the market base rent for the Building, as established by Landlord from time during to time, in effect at the Term, any space becomes available in the Building and if another tenant time of Landlord's notice. Landlord shall provide Tenant written notice of the Building has not exercised a superior right availability of the Option Space, and Tenant shall have fifteen (15) days from receipt of Landlord's availability notice within which to forward written notice to Landlord of Tenant's irrevocable intent to lease such spacethat part of the Option Space described in Landlord's availability notice, with a term commencing no later than sixty (60) days following the date the Option Space actually becomes available, and expiring coterminous with the term of the Lease. In the event that Tenant fails to exercise its option rights described herein, Tenant's option rights shall be null and void. Tenant and Landlord agree that the expiration and renewal of an existing tenant's lease shall so notify Tenant in writing andnot trigger Tenant's rights under this section, provided and a condition of Tenant's option right shall be that Tenant is not in default hereunder, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space (the "Expansion Space") upon all the terms and conditions contained herein, except that (i) Base Rent for the Expansion Space shall be the fair rental value under Section 11 of the Expansion Space as of Lease and that the date of Landlord's notice; Lease is in full force and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage of the Expansion Space to the rentable square footage of the Buildingeffect. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Landlord and Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms agree and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing acknowledge that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% received notice of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time availability of the attempted exercise or, if such default occurs after Tenant's attempted exercise of 4,865 square foot First Expansion Space and the option, at the time of the proposed commencement of the lease of the Expansion Space.2,993 square foot and 4,618 square foot former CSM Corporation space depicted on REVISED EXHIBIT B."

Appears in 1 contract

Sources: Lease (Synovis Life Technologies Inc)

Expansion Option. Tenant shall have the option (a“Expansion Option”) If, at any time during the Termperiod beginning on the date of full execution of this Lease and ending at 5:00 p.m. on November 1, 1999 (“Expansion Period”), to expand the Premises to include all or any portion of the space becomes available located on the thirtieth (30th) floor of the Project as shown on the attached Exhibit A-l (collectively, “Expansion Space”) as follows A. To exercise the Expansion Option, Tenant shall give Landlord written notice of exercise (“Tenant’s Exercise Notice”) during the Expansion Period identifying the location and approximate rentable square feet of the portion of the Expansion Space to be provided (“Subject Expansion Space”). The exact location and size of the Subject Expansion Space shall be reasonably approved by Landlord subject to applicable legal requirements and reasonable third-party, market leasing considerations. Time is of the essence with respect to Tenant’s Exercise Notice. B. If Tenant exercises the Expansion Option, the Subject Expansion Space shall be added to and become part of the Premises for the remaining Term of this Lease (including any renewal or extension thereof) on all of the terms and conditions of this Lease, except that: (1) The Subject Expansion Space shall be added to the Premises effective on the earlier of (“Delivery Date”): (a) the date agreed by the parties in writing; or (b) sixty (60) days after Tenant’s Exercise Notice is given. Landlord shall not be liable nor shall this Lease be impaired for any delay or inability to deliver the Subject Expansion Space for reasons beyond Landlord’s control. (2) Commencing on the Delivery Date and continuing during the remaining Term (a) Tenant shall pay Base Rent for the Subject Expansion Space at the same rate per rentable square foot as then payable for the Premises pursuant to Section 4 of the Schedule to this Lease and subject to the same increases as provided in said Section 4; and (b) Tenant’s Proportionate Share pursuant to Section 2 of this Lease shall be adjusted appropriately to take into account the rentable square feet in the Building Subject Expansion Space, and if another tenant Operating Cost Rent shall thereafter be payable at the same rate per rentable square foot as then payable for the Premises, with the same Base Year as specified in the Schedule to this Lease and subject to the same adjustments as provided in this Lease. (3) The Subject Expansion Space shall be provided in an “as is” condition; except that Landlord shall provide a Tenant Finish Allowance equal to (a) $21.50 per rentable square foot in the Subject Expansion Space, minus (b) $0. 12 per rentable square feet in the Subject Expansion Space for each month of the Building Term that has not exercised expired as of the Delivery Date. The Tenant Finish Allowance shall be payable on the same terms and conditions as provided in Section 1 of Exhibit C to this Lease, including the deferral of the sum of $3.25 per rentable square foot until Months 61 through 96 of the Term and an additional $3.25 per rentable square foot until Months 121 through 132 of the Term. All leasehold improvements shall be performed substantially in accordance with the provisions of Exhibit C to this Lease. (4) As of the Delivery Date, the term “Premises” shall be deemed to refer to and include the Subject Expansion Space, except as expressly provided otherwise in this Lease. C. In case of a superior partial exercise of the Expansion Option, the Expansion Option shall continue with respect to any remaining portion of the Expansion Space until the end of the Expansion Period, at which time the Expansion Option shall automatically terminate. D. Tenant’s right to lease such spaceexercise the Expansion Option is subject to the condition that, Landlord shall so notify at the time that Tenant in writing andgives Tenant’s Exercise Notice and on the Delivery Date, provided that Tenant is not in default hereunder, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt under any of Landlord's notice, to lease such additional space (the "Expansion Space") upon all the terms and or conditions contained hereinof this Lease. Further, except that (i) Base Rent for the Expansion Space Option shall be automatically terminate upon the fair rental value earliest to occur of (1) the expiration or termination of this Lease; (2) the termination of Tenant’s right to possession of the Premises; (3) the assignment of this Lease by Tenant or the sublease by Tenant of all or any part of the Premises except to a Tenant Affiliate as defined in Section 34 below; or (4) the expiration of the Expansion Space as of the date of Landlord's notice; Period. E. Within ten (10) days after written request by either party, Landlord and (ii) Tenant's Proportionate Share Tenant shall be increased, based upon the ratio of the rentable square footage execute and deliver an instrument in form reasonably satisfactory to Landlord and Tenant confirming any exercise or termination of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereofOption. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Space.

Appears in 1 contract

Sources: Assignment and Assumption of Leases (Quest Resource Corp)

Expansion Option. (a) If, at any time during the Term, any space becomes available a. Provided that this Lease is in the Building full force and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereundereffect, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's noticeexclusive option, to lease such additional space be exercised by notice (the "Expansion Space"“Election Notice”) upon all as hereinafter provided, to include in this Lease for one (1) year as part of the terms and conditions contained hereinLeased Premises, except that (i) Base that eastern portion of the third (3rd) f1oor of the Building which is presently vacant and does not include the Leased Premises, and contains approximately 15,000 rentable square feet as shown on Exhibit B-2 (the “Entire East Side”).Tenant shall have the exclusive option to lease the Expansion Space, as of a delivery date to be mutually agreed upon by the parties, but not greater than ninety (90) days from the date of the Election Notice. b. Any Election Notice shall be irrevocable upon delivery and time shall be of the essence in connection with the exercise of the Expansion Option hereunder. If Tenant does not elect to include the Expansion Space as part of the Leased Premises within one (1) year of the Lease Commencement Date, Tenant shall be deemed to have waived its expansion rights with respect to the Expansion Space. c. The Minimum Annual Rent for the Expansion Space shall be at the fair same per square foot rental value rate as the entire Leased Premises and pursuant to all of the same Lease terms as set forth herein, including but not limited to, parking spaces, office space build out, laboratory buildout and/or rent. d. In the event Tenant duly and properly exercises the Expansion Option, the Expansion Space as shall automatically become part of the date Leased Premises covered by this Lease without execution of Landlord's notice; an amendment to this Lease. At the request of either party, the parties shall promptly execute and (ii) Tenant's Proportionate Share shall be increased, based upon deliver a written amendment to this Lease reflecting the ratio addition of the rentable square footage expansion Space as part of the Expansion Space to Leased Premises for the rentable square footage remainder of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% increase of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder Minimum Annual Rent and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Spaceadditional rental.

Appears in 1 contract

Sources: Lease Agreement (CONTRAFECT Corp)

Expansion Option. (a) If, at At any time during prior to October 31, 2012, Tenant shall have the Term, any option (the “Expansion Option”) to lease the approximately 5,366 rentable square feet of space becomes available in the Building and if another tenant currently known as Suite 6233 (the “Expansion Space”) in its entirety by providing Landlord written notice (the “Expansion Notice”) from Tenant of the Building has not exercised a superior right to lease such spaceexercise of its Expansion Option, Landlord shall so notify Tenant in writing and, provided that if: (i) Tenant is not in default hereunderunder the Lease, Tenant shall have as amended hereby, beyond any applicable cure periods at the right, exercisable upon written notice give to time that Landlord within 15 days after receipt of Landlord's notice, to lease such additional space (the "Expansion Space") upon all the terms and conditions contained herein, except that (i) Base Rent for receives the Expansion Space shall be the fair rental value of the Expansion Space as of the date of Landlord's noticeNotice; and and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio No part of the rentable square footage of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space Premises is sublet at the time Tenant exercises its option Landlord receives the Expansion Notice; and (iii) The Lease has not been assigned prior to lease same, such value shall be determined by arbitration, as provided in Section 30 hereofthe date that Landlord receives the Expansion Notice. (b) If Tenant fails is entitled to exercise and properly exercises its option to lease Expansion Option, Tenant shall pay Base Rent for the Expansion Space within in the 15-day period as set forth above, Landlord amount of $4,248.08 per month. All such Base Rent shall be free to lease payable in accordance with the terms of the Lease, as amended hereby. Tenant shall pay Additional Rent and other sums for the Expansion Space to any party upon any in accordance with the terms and conditions Landlord shall determine, from time to time during of the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such rightLease. (c) The Expansion Space (including improvements and personalty, if any) shall be accepted by Tenant in its “as-built” condition and configuration existing on the earlier of the date Tenant takes possession of the Expansion Space or as of the date the term for the Expansion Space commences. The term for the Expansion Space shall commence on the date Landlord delivers possession of the Expansion Space to Tenant, and shall end, unless sooner terminated pursuant to the terms of the Lease, on the expiration of the Term of the Lease, as extended hereby, it being the intention of the parties hereto that the term for the Expansion Space and the Term for the current Premises shall be coterminous, The Expansion Space shall be considered a part of the Premises, subject to all the terms and conditions of the Lease, except that no allowances, credits, abatements or other concessions (if any) set forth in the Lease for the current Premises shall apply to the Expansion Space. (d) If Tenant is entitled to and properly exercises the Expansion Option, Landlord and Tenant shall have enter into an amendment (the “Expansion Amendment”) to reflect the commencement date of the term for the Expansion Space and the changes in Base Rent, square footage of the Premises, Tenant’s Proportionate Share, and other appropriate terms; provided that an otherwise valid exercise of the Expansion Option shall be fully effective whether or not the Expansion Amendment is executed. The Expansion Option granted herein shall terminate upon November 1, 2012 and if Tenant fails to timely deliver the Expansion Notice, Tenant’s exercise of the Expansion Option shall be of no right force or effect, time being of the essence in delivery of the Expansion Notice. (e) Notwithstanding anything herein to exercise its option the contrary, Tenant’s Expansion Option is subject and subordinate to lease (i) the renewal or extension rights of any tenant leasing all or any portion of the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and the expansion rights (whether such default shall not have been cured at the time rights are designated as a right of first offer, right of first refusal, expansion option or otherwise) of any tenant of the attempted exercise or, if such default occurs after Tenant's attempted exercise of Building existing on the option, at the time of the proposed commencement of the lease of the Expansion Spacedate hereof.

Appears in 1 contract

Sources: Lease Agreement (Haemonetics Corp)

Expansion Option. (a) If, at any time during the Term, any space becomes available in the Building and if another tenant of the Building Landlord has not exercised disclosed to Tenant that Landlord is currently negotiating a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunder, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space with Amherst Securities (the "Expansion SpaceAmherst Securities Lease") upon for approximately 4,000 square feet in the 2nd Option Space, which space is adjacent to the Premises and is reflected on Exhibit "C" attached hereto (the "Amherst Premises"). Landlord acknowledges and agrees that the Amherst Securities Lease will be subject to Tenant's existing Expansion Option as set Forth in Section 2.05 and Exhibit "G" of the Lease. In Addition to the Tenant's rights under the Current Expansion Option as set forth in the Lease, Landlord hereby grants to Tenant, for a period of sixty (60) days from the date of this Second Amendment, the limited right to exercise Tenant's Expansion Option for a maximum of 6,000 Rentable Square Feet in the 2nd Option Space and/or the 3rd Option Space (excluding the Amherst Premises). Except as set forth in this Section 6 of this Second Amendment, all of the terms and conditions contained herein, except that (i) Base Rent for of Exhibit "G" shall be applicable to Tenant's right to exercises the Expansion Space shall be the fair rental value Option on such portions of the Expansion 2nd Option Space as of and/or the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased3rd Option Space. Further, based upon the ratio of the rentable square footage of the Expansion Space Landlord agrees not to enter into any additional leases related to the rentable square footage of 2nd Option Space or the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of 3rd Option Space (other than the fair rental value of the Expansion spaceAmherst Securities Lease) during this sixty (60) day period. If the parties have Tenant elects not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option right to lease exercise the Expansion Space within Option during such sixty (60) day period, Tenant's limited right to exercise the 15-day period Expansion Option early as set forth abovein this Second Amendment shall terminate, Landlord but Tenant shall be free continue to lease have all rights to exercise the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm Option in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% accordance with Exhibit "G" of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured Lease at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Spacetimes set forth therein.

Appears in 1 contract

Sources: Two Bridgepoint Lease Agreement (Brigham Exploration Co)

Expansion Option. (a) IfIn the event Landlord is unable to deliver the Advance Premises, at any time during the TermSprint Premises and/or the SAS Premises prior to February 28, any space becomes available 2001 in accordance with the Building and if another tenant terms of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunderthis Lease, Tenant shall have an expansion option ("Expansion Space Option") which shall require Landlord to, prior to offering the rightsame to any party, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, first offer to lease such additional to the Tenant named herein any space located within the Building (the "Expansion Space") upon all the terms same terms, covenants and conditions contained hereinin this Lease, except that (i) Base Rent for a term to commence on the Expansion Space shall be Commencement Date (hereinafter defined) and to end on the fair rental value Expiration Date, unless sooner cancelled or terminated pursuant to any of the terms, conditions or covenants of this Lease or pursuant to this Paragraph. If and when, during the Term, all or any portion of the Expansion Space first becomes, or is first likely to become available, Landlord shall give Tenant notice as to the anticipated date that the subject portion of the Expansion Space is, or is likely to become, available for occupancy by Tenant ("Option Notice"). Tenant may exercise the Expansion Space Option by delivering written notice ("Exercise Notice") to Landlord within ten (10) business days after receipt of the Option Notice, time being of the essence as to such ten (10) business day period. If Tenant fails or refuses to timely exercise such option, the Expansion Space Option shall no longer exist and this Paragraph 41 shall be of no further force or effect as to the portion of the Expansion Space not accepted by Tenant but shall remain in full force and effect on any remaining Expansion Space that has not been included in any Option Notice. In the event Tenant duly exercises the Expansion Space Option in accordance with the provisions of this Paragraph 41, the Lease shall be deemed modified as of the Expansion Space Commencement Date as follows: (a) The Leased Premises shall include all (but not less than all) of the available Expansion Space as described in the Option Notice for all purposes of this Lease; (b) Tenant shall accept the Expansion Space in the condition set forth in Subsection 1.4 hereof at the then-applicable Base Rent provided for in Schedule "D" for such Expansion Space and subject to any CPI Formula increase as set forth on Schedule "D" for such portion of the Expansion Space hereof and Landlord shall not provide to Tenant any allowances (e.g., moving allowance, construction allowance, and the like) or other tenant inducements. (c) Landlord and Tenant shall execute an amendment to this Lease, effective as of the Expansion Space Commencement Date. The Expansion Space Commencement Date shall be the day on which the Landlord delivers vacant possession of the applicable Expansion Space to Tenant free of leases, tenancies and occupancies provided, however, if Tenant, or any other person or entity claiming by, through or under Tenant, shall occupy all or any portion of the Expansion Space for the conduct of business prior to the Expansion Space Commencement Date, then the Expansion Space Commencement Date shall apply as of such earlier date and Tenant shall pay and perform the obligations to be paid and performed by Tenant, including, without limitation, the obligation to pay Basic Rent and Additional Rent. Tenant's rights hereunder shall be subject to the now-existing renewal rights of Landlordother tenants in the Building. As to any Expansion Space that has not been incorporated into the Leased Premises by amendment as provided for in this Paragraph 41, Tenant's notice; and rights hereunder shall terminate if (i) the Expansion Space Option is terminated as provided in this Paragraph 41 or this Lease or Tenant's right to possession of the Leased Premises is terminated, (ii) Tenant assigns any of its interest in this Lease or sublets any portion of the Leased Premises other than as provided for in Subsection 11.7 herein, (iii) a default exists beyond any applicable notice and grace period at the time of Tenant's Proportionate Share shall be increasedExercise Notice or on the Expansion Space Commencement Date, based upon the ratio and/or (iv) Tenant fails to timely exercise its right hereunder, time being of the rentable square footage essence with respect to the exercise thereof. In any of such events, Landlord may lease all or a portion of the Expansion Space to third parties on such terms as Landlord may elect. Notwithstanding anything contained in the rentable square footage of Lease to the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of contrary, Tenant hereby waives the fair rental value of right to rescind this Lease in the Expansion space. If the parties have not agreed upon the fair rental value event all or any portion of the Expansion Space at does not become available during the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Term of this Lease. Upon request of either Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determineor Tenant, from time to time during time, the Termnon requesting party shall execute and deliver to such requesting party an instrument in form and substance reasonably satisfactory to such requesting party, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing stating that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease or has not exercised the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned Space Option contained in this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion SpaceParagraph 41.

Appears in 1 contract

Sources: Lease Agreement (KMC Telecom Holdings Inc)

Expansion Option. (a) IfFor purposes of this Rider 3, at any time during the Term, any space becomes available in the Building and if another tenant area of the Building has not exercised a superior right described on Schedule B attached to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant this Rider is not in default hereunderhereinafter referred to as the "Expansion Space". Subject to the remaining provisions of this Rider 3, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space option and the right (the "Expansion SpaceOption") upon all the terms and conditions contained hereinto lease all, except that (i) Base Rent for the Expansion Space shall be the fair rental value but not less than all, of the Expansion Space as consisting of 11,055 rentable square feet. Tenant must exercise the Expansion Option, if at all, by delivering written notice to Landlord (the "Expansion Notice") on or before January 1, 2004. If Tenant timely exercises the Expansion Option with regard to the Expansion Space, Landlord and Tenant will in good faith negotiate and enter into an amendment to this Lease within thirty (30) days of Tenant's delivery of the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon Expansion Notice reflecting the ratio of the rentable square footage addition of the Expansion Space to the rentable square footage Premises with a Commencement Date of December 1, 2004, provided, however, (i) the Building. Landlord's notice shall include a statement rate of Landlord's reasonable estimate Base Rent, the amount of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value Finish Allowance and other allowances shall be determined by arbitration, based on the then market conditions for comparable office space in comparable buildings in the LBJ/North Dallas market taking into account all relevant factors such as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms condition and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease size of the Expansion Space, length of term, creditworthiness of Tenant, basis for payment of operating expenses and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party all other than one controlling, controlled by or under common control with Tenant; or relevant factors (ii) Tenant shall be entitled to four (4) parking spaces for each one thousand (4:1000) rentable square feet of such Expansion Space being added to the Premises, of which seventy-two percent (72%) shall be located in default hereunder the Parking Garage and the remainder shall be located on the surface lot (all such default parking space shall not have been cured be at no cost to Tenant), and in the time event that Landlord is unable to timely deliver the Expansion Space due to the holding over of the attempted exercise orexisting tenant thereof, if such default occurs after Tenant's attempted exercise of then the option, at the time of the proposed commencement of the lease Commencement Date of the Expansion SpaceSpace shall be delayed until the date that the Expansion Space is delivered to Tenant.

Appears in 1 contract

Sources: Office Lease (Home Interiors & Gifts Inc)

Expansion Option. (a) If, at any time during So long as no event of default by Tenant has occurred under the Term, any space becomes available in the Building and if another tenant terms of the Building Lease, and no event has not exercised occurred, which with the passage of time or the giving of notice or both, would constitute a superior right default under the terms of the Lease, then, solely for the time period up to lease the date that is 365 days after the earliest of (i) the Fifth Floor Expansion Premises Commencement Date, or (ii) the Seventh Floor Expansion Premises Commencement Date (such spaceearliest period Notice Period , Landlord shall so notify Tenant in writing andtime being of the essence, provided that Tenant is not in default hereundersubject to availability, Tenant shall have the right, exercisable upon written notice give right to Landlord within 15 days after receipt expand its space by up to 5,000 rentable square feet of Landlord's notice, to lease such additional space (in the "Building Expansion Space") Space . Such right of expansion shall be upon all the terms and conditions contained hereinof this Paragraph 18. If Tenant notifies Landlord in writing that it will commit to lease Expansion Space during the Notice Period Additional Space Notice the Expansion Space lease terms will be at the same lease terms as for the Premises at the then current rental rate in effect for the Premises (at the time of expansion) as set forth in Paragraph 7.(e) above with pro-rated Tenant improvement allowances, except that (i) pro-rated rent abatements and pro-rated parking spaces. The Base Rent Year for the Expansion Space shall be 2025 be adjusted to include the fair rental value total amount of the Expansion Space as of the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease feet of the Expansion Space. The Expansion Space lease term shall be coterminous with the Term of the Lease of the Premises, including any extension of the Term of the Lease in accordance with Paragraph 17. above.

Appears in 1 contract

Sources: Lease Agreement (Krystal Biotech, Inc.)

Expansion Option. (a) If, at any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Provided Tenant is not in default hereunder, beyond the applicable cure period and has not abandoned the Premises, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space right (the "Expansion SpaceRight"), upon written notice to Landlord, to require Landlord to construct an approximately two hundred forty-two thousand five hundred twenty (242,520) square foot expansion of the Improvements (the "Expansion") upon subject to the conditions herein stated. Within sixty (60) days after Tenant's exercise of the Expansion Right, Landlord and Tenant shall agree on preliminary concept plans and specifications and a construction schedule for the Expansion (collectively the "Expansion Preliminary Plans"). After the Expansion Preliminary Plans have been approved and signed by Landlord and Tenant, Landlord shall cause an architect approved by Landlord and Tenant to proceed, with final plans and specifications and a construction schedule for the Expansion (collectively the "Expansion Plans and Specifications"). Tenant shall supply to the architect sufficient information to allow for the completion of the Expansion Plans and Specifications on an as-needed basis as determined by the architect. The Expansion shall be substantially similar to the construction and finish of the Improvements as originally constructed (including the quality and type of base building systems and all interior finishes). Landlord and Tenant shall have the terms right to approve the Expansion Plans and conditions contained hereinSpecifications, except that which approval shall not be unreasonably withheld, conditioned or delayed. The Expansion Preliminary Plans and the Expansion Plans and Specifications shall be prepared at Tenant's expense unless the Expansion is built in which case the cost thereof shall be Project Costs as provided below and paid by Landlord. After the Expansion Plans and Specifications have been approved, Landlord shall establish basic rent resulting from the Expansion, and the Basic Rent shall be increased in accordance with the following formula at the time of Substantial Completion of the Expansion: The initial annual basic rent for the Expansion ("Expansion Initial Annual Basic Rent") shall be the product of Project Costs times [the interest rate on 10-year United States Treasury Notes at the time of Substantial Completion of the Expansion plus six hundred eighty five (685) basis points]. For purposes of this Section 33, "Project Costs" means the total budgeted costs to be incurred for the Expansion based on a competitive bidding process [minimum three (3) bids for every major trade], including but not limited to (i) Base all hard costs of construction including payments to all contractors (including a general contractor fee of 5% of hard costs), subcontractors and materialmen, (ii) all soft costs, (iii) all financing costs, including but not limited to any higher rate of interest or prepayment fees charged upon the principal of that portion of the loan that represents a refinancing of the initial Premises, survey fees, environmental assessment fees, appraisal fees, title insurance fees, architects' and engineers' fees, construction period interest payments, permit fees, reasonable attorneys' fees, (including but not limited to the cost of the Expansion Preliminary Plans and the Expansion Plans and Specifications) and such other costs as are reasonable and customary for projects such as the construction of the Expansion and (iv) a fee to Landlord for corporate, non project specific overhead and profit equal to five percent (5%) of the sum of (a) construction "hard costs" under clause (i) above plus (b) architects', engineers' and design fees but no other soft costs plus (c) typical "general conditions" type costs directly and actually incurred by Landlord and/or Landlord's general contractor in connection with the construction of the Expansion; provided, however, that the Project Costs shall not exceed a reasonable and customary amount. Upon completion of competitive bidding by Landlord, Landlord shall review all bids with Tenant and shall prepare, for Tenant's review and approval, the budget of Project Costs based on such bids and the Project Costs approved shall be the Project Costs for purposes of the increase in Basic Rent for the Expansion Space calculation and shall not be adjusted for any reason other than Tenant initiated change orders to the Expansion regardless of whether the actual Project Costs differ from the Project Costs so approved by Tenant. Change Orders requested by Tenant shall be handled in the fair rental value same manner as Change Orders for the initial Improvements. The Expansion Initial Annual Basic Rent shall be fixed for the first sixty (60) months following Substantial Completion of the Expansion Space as and shall then increase by twelve percent (12%) for the next sixty (60) month period. In addition to Basic Rent, Tenant shall pay all increased Additional Rent attributable to the Expansion. The initial Term of the date of Landlord's notice; and (ii) Tenant's Proportionate Share Lease shall be increased, based upon the ratio extended for ten (10) years beginning with Substantial Completion of the rentable Expansion. Basic Rent attributable to the original 505,250 square footage feet shall remain for the original ten (10) year Term as specified in Exhibit C and shall then change to Market Rent for the period remaining in the ten (10) year period following Substantial Completion of the Expansion Space to the rentable square footage of the BuildingExpansion. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as The Extension Term provided in Section 30 hereof. 32 shall begin immediately following the ten (b10) If Tenant fails to exercise its option to lease year period following Substantial Completion of the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the SectionExpansion. Subsequent to Provided that Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured credit at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, Expansion is at least as good as at the time of execution of this Lease, Landlord shall use its best efforts to finance the proposed commencement Expansion. Given equal or better Tenant credit, if Landlord is unable to finance the Expansion, Landlord shall offer to sell the Premises to Tenant for fair market value ("FMV"). The arbitration method referenced in Section 32 shall be used to determine FMV, except that the experience requirement shall be at least ten (10) years experience in the appraisal of warehousing and distribution buildings in the lease of Indianapolis area. In no event shall FMV be less than $14,000,000 in the Expansion Spaceyear 2002 and increasing annually thereafter by CPI.

Appears in 1 contract

Sources: Lease Agreement (Guitar Center Inc)

Expansion Option. (a) If, at any time during the Term, any space becomes available in the Building and if another tenant Provided that no Event of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant Defaults is not in default hereunderthen existing, Tenant shall have the rightoption (the "Expansion Option"), exercisable upon written notice give to Landlord within 15 days after receipt effective as of Landlord's noticethe fifth (5th) anniversary of the Commencement Date, to lease such additional space all (but not less than all) of the second level of the Building containing approximately 25,000 square feet of Net Rentable Area (the "Expansion Space") upon all the terms and conditions contained herein, except that to be exercised with no more than twelve (i12) Base Rent for the Expansion Space shall be the fair rental value of the Expansion Space as of the date of months nor less than nine (9) months prior written notice to Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage . The portion of the Expansion Space to be added to the rentable square footage Premises (the "Expansion Premises") shall be subject to the same terms, covenants and conditions under the Lease, except that (a) the Base Rental Rate for the Expansion Premises shall be the prevailing MRR (as defined in Exhibit "H" above) as of the Buildingdate such Expansion Space shall be added to the Premises, (b) the Tenant Allowance for the Expansion Premises shall be equal to $15.00 per square foot of Net Rentable Area in the Expansion Premises (and the MRR shall be increased to allow for such improvement allowance), (c) there shall be no refurbishment allowance applicable to such Expansion Premises and (d) the term of such lease shall expire as of the expiration of the Term. LandlordLandlord may, on a date established by at least sixty (60) days' notice to Tenant, deliver the Expansion Premises to Tenant up to three (3) months prior to the end of the fifth (5th) anniversary of the Commencement Date, or up to six (6) months after the end of the fifth (5th) anniversary of the Commencement Date. Within thirty (30) days of receipt of Tenant's notice shall include a statement of Landlord's reasonable estimate of the fair rental value exercise of the Expansion spaceOption, Landlord shall provide Tenant with written notice of its estimation of the MRR for such Expansion Premises. Tenant shall then have fifteen (15) days to notify Landlord in writing that it accepts or rejects Landlord's determination of MRR and to provide Landlord with Tenant's estimation of MRR. If the parties have cannot agreed upon the fair rental value agree on a determination of the Expansion Space at the time MRR within fifteen (15) days thereafter Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: may either (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; withdraw its Expansion Option or (ii) elect that such MRR shall be determined in accordance with the appraisal provisions set forth in Paragraph 3 of Exhibit "H", which MRR shall then be binding on the parties. Tenant shall not be required to pay (and the MRR shall so reflect) any amount for parking for such Expansion Premises, which shall be provided in default hereunder the same ratios as provided with respect to the Initial Premises. Tenant's obligation to commence paying Rent on such space shall commence (A) in the case of space in the Building not previously built out with tenant improvements, on the 90th day, and (B) in the case of previously built out space, on the 30th day, after the availability of such default shall not have been cured at space for the time construction of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Spacetenant improvements therein.

Appears in 1 contract

Sources: Lease Agreement (Cabot Oil & Gas Corp)

Expansion Option. (ai) If, at any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right Subject to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereundersubparagraph (b) below, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt option no more than two (2) times during the term of Landlord's notice, to lease such additional space this Lease (the "Expansion SpaceOption"), to be exercised by delivery of written notice ("Expansion Option Notice") to ---------------- ----------------------- Landlord to cause Landlord to construct the Expansion as provided herein and to include the Expansion as part of the Premises as of Substantial Completion thereof (as defined in the Construction Addendum) of the Expansion (the "Expansion ---------- Commencement Date"). Tenant shall specify to Landlord the date upon all which the terms and conditions contained herein, except that Expansion must be Substantially Completed ----------------- in the Expansion Option Notice. (iii) The monthly Base Rent for the Expansion Space Premises shall be increased effective upon the fair rental value Expansion Commencement Date. The increase in monthly Base Rent shall be calculated pursuant to subparagraph (b) below. (iii) If Tenant shall exercise the Expansion Option as provided herein, Landlord shall design and construct the expansion of the original Premises to contain up to an aggregate of 50,000 square feet of additional leaseable and usable space with parking for 20 additional cars (the "Expansion"). The Expansion shall be designed and constructed by Landlord --------- as a connected expansion of the original Premises, utilizing a common demising wall, between the original Premises and the Expansion full and free access of persons and full and free handling and processing of inventory. The design and construction of the Expansion Space as shall be performed in a manner consistent with the Construction Addendum, subject to the following: (1) Landlord shall commence preparation of the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage design of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value within thirty (30) days after exercise by Tenant of the Expansion spaceOption. If The final plans and specifications for the parties have not agreed upon Expansion shall be prepared by Landlord and approved by Tenant in a manner consistent with the fair rental value provisions of the Expansion Space at Construction Addendum for the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereofpreparation and approval of the Final Plans for the Initial Improvements. (b2) If Tenant fails to exercise its option to lease Except as agreed otherwise by Landlord and Tenant, the Expansion Space within the 15-day period as set forth above, Landlord shall be free substantially similar in all respects to lease the Expansion Space to any party upon any terms original Premises, including without limitation the type and conditions Landlord shall determine, from time to time during quality of materials and the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such rightexterior and interior appearance and finish. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Space.

Appears in 1 contract

Sources: Lease Agreement (Us Can Corp)

Expansion Option. (a) IfThose certain premises being suites 110 (approximately 8,231 rsf) and 112 (approximately 4,824 rsf), at any time during the Term, any space becomes available in the Building located on the first floor and if another tenant as shown on Exhibit “H” attached hereto (each an “Expansion Space”) are, as of the Building has date of this Lease, not exercised a superior right leased to another party. If, on or before April 1, 2017 (the “Outside Offer Date”), Tenant desires to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunderany or all of the Expansion Spaces, Tenant shall have the right, exercisable upon exclusive option (the “Expansion Option”) to expand the size of the Premises to include any or all of the Expansion Space(s) (the “Expansion Option”) by providing written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space intention (the "“Tenant Expansion Space") upon all Notice”). Provided Landlord receives the Tenant Expansion Notice prior to the Outside Offer Date, Tenant’s lease of the subject Expansion Space shall be pursuant to the terms and conditions contained herein, of this Lease except that that: (i) Base Rent the financial terms for Tenant’s lease of the subject Expansion Space shall be consistent with the terms of this Lease with respect to Fixed Rent/rsf and scheduled escalations for the Premises as set forth in Section 4 of the Lease; (ii) the commencement date of the lease of the Expansion Space shall be the fair rental value date that is 150 days following the exercise of the Expansion Option and the term shall be coterminous with the Term set forth in Section 3(a); (iii) the subject Expansion Space shall be leased in its “as is”, “where is” condition and Landlord shall have no obligations whatsoever to improve or pay to improve the Expansion Space for Tenant’s use or occupancy, provided that Landlord shall provide Tenant with an additional allowance to improve the subject Expansion Space with such allowance to be equal to $00.32308/rsf for each month of the Expansion Space as of term (for example, if the date of Landlord's noticeExpansion Space term commenced August 1, 2017, for Suite 110, the allowance would equal 129 months x $00.32308 x 8,231 = $343,046.02); and (iiiv) Tenant's ’s Proportionate Share shall be increased, based upon increased pro rata; (v) the ratio Security Deposit will increase on a pro rata basis determined by Fixed Rent payable before and after the lease of the rentable square footage Expansion Space; and (vi) Fixed Rent, but not Tenant Energy Costs, shall be conditionally abated at the rate equal to $00.17147/rsf for each month of the Expansion Space term (for example, if the Expansion Space term commenced August 1, 2017, for Suite 110, the abatement would equal 129 months x $00.17147 x 8,231 = $182,066.67) to be applied 50% to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value first 5 months and 50% during months 13-17 of the Expansion Space at term. Any improvements made to the time Tenant exercises its option to lease same, such value Expansion Space shall be determined made by arbitrationLandlord subject to the terms of Section 8, as provided in Section 30 hereofwith a management fee payable to $1.02/rsf for the Expansion Space improvements plus two percent (2%) of the net cost increase or decrease resulting from any Change Order. (b) If Tenant fails Notwithstanding anything to exercise its option to lease the contrary contained in this Lease, the term of the Lease for the Expansion Space within shall expire on the 15-day period as date set forth above, Landlord shall in this Lease as the Expiration Date (as the same may be free extended pursuant to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such rightSection 39 hereof). (c) If (i) Tenant shall have no right does not notify Landlord prior to exercise its option the Outside Offer Date that Tenant desires to lease the Expansion Space, this Expansion Option shall terminate and any attempted exercise the Expansion Space shall after such Outside Offer Date be void deemed an Un-Leased RFO Space as defined in Section 41 of the Lease and of no effectshall thereafter be subject to the terms and conditions as set forth in Section 41. (d) If Tenant exercises the Expansion Option, if: (i) the named Tenant has assigned this Lease or has at any time subleased, space described in the aggregate, more than 50% Tenant’s Expansion Notice will be deemed a part of the Premises to under this Lease whether or not a party other than one controllinglease amendment is signed, controlled by or under common control with Tenant; or (ii) but upon written request of Landlord, Tenant shall be in default hereunder and execute an amendment to this Lease incorporating such default shall not have been cured at the time terms within ten (10) business days of Landlord’s request. (e) Time is of the attempted exercise or, if such default occurs after essence with respect to Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Space’s obligations hereunder.

Appears in 1 contract

Sources: Lease Agreement (Trevena Inc)

Expansion Option. (a) If, at any time during the Term, any space becomes available in the Building and if another tenant Provided that as of the Building has not exercised a superior right to lease such spacedate Tenant exercises its rights hereunder, Landlord shall so notify (i) Tenant in writing andactually occupies at least fifty percent (50%) of the Premises originally demised under this Lease, provided that (ii) Tenant is not in default hereunderDefault, and (iii) the Option Space (defined below) has not been leased to Tenant or to a third party pursuant to Section 1.1.3 below, Tenant shall will have the rightoption, exercisable upon written notice give commencing on the date that Landlord delivers the Option Space to Landlord within 15 days after receipt of Landlord's noticeTenant in the condition required by this Section 1.1.2, but, at Tenant’s election, in no event earlier than June 1, 2011 (the “Option Space Commencement Date”), to lease such additional include a total of approximately 22,337 square feet of space on the second and fourth floors of the east tower of the Building as shown on Appendix 1.1.2 hereto, as part of the Premises (the "Expansion “Option Space") ”). If Tenant exercises its right to include the Option Space as part of the Premises, Tenant will lease the Option Space upon all the terms and conditions contained hereinof this Lease (i.e., except that (i) the term for Tenant’s leasing of the Option Space shall expire on the Expiration Date, the Base Years set forth in the Schedule of Incorporated Terms hereof shall be applicable to Tenant’s payment of Additional Rent on account of the Option Space, the Base Rent for the Expansion Option Space will be at the annual rate of $19.50 per square foot of rentable space commencing no earlier than the Rent Commencement Date set forth herein, and the Option Space shall be delivered to Tenant with the fair rental value completion by Landlord of certain improvements thereto (as further described below), provided, however the cost to Landlord of such Tenant Improvements shall not exceed $20 per rentable square foot of the Expansion Option Space). Tenant’s payment to Landlord of Rent for the Option Space shall commence on the Option Space Commencement Date, but in no event earlier than the Rent Commencement Date set forth herein. In addition to its obligation to pay Base Rent, commencing on the Option Space Commencement Date, Tenant will reimburse and pay Landlord with respect to the Option Space, in the same manner as set forth in the Lease, with respect to Operating Expenses, Taxes and other items reimbursable by Tenant, and, commencing on the Option Space Commencement Date, Tenant shall pay the Electric Charges with respect to the Option Space. Effective as of the date of Landlord's notice; and (ii) Option Space Commencement Date, Tenant's ’s Proportionate Share shall will be increased, re-determined by Landlord based upon the ratio total floor area of the rentable square footage of Premises including the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion spaceOption Space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails desires to exercise its option to lease the Expansion Option Space, Tenant must deliver written notice of such exercise to Landlord no later than March 1, 2011 (the “Option Space within Notice”), such Option Space Notice to include a preliminary space plan of the 15-day period Option Space showing the requested improvements to the Option Space (provided, however, as set forth above, the cost to Landlord of such improvements shall not exceed $20 per rentable square foot of the Premises). Time is of the essence with respect to the giving of the Option Space Notice. If Tenant does not exercise its Option by such date, Tenant’s rights under this Section 1.1.2 will be null and void. Within thirty (30) days of Tenant’s exercise of the within option, Landlord and Tenant shall enter into an amendment to Lease which adds the Option Space to the Premises and includes all the terms and provisions, set forth herein, with respect to Tenant’s leasing of the Option Space (provided, however, any failure to execute and deliver such Amendment shall not affect the rights or obligations of the parties with respect to the Option Space), and in addition, within eight (8) days of receipt thereof Landlord shall be free to lease reasonably approve or disapprove Tenant’s preliminary space plan. If Landlord disapproves the Expansion Space to any party upon any terms and conditions Landlord shall determinepreliminary space plan, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant disapproval shall be in default hereunder writing and shall provide a reasonably detailed explanation of the reasons for such default disapproval, and to the extent possible, suggestions for alternatives that would be acceptable to Landlord. Landlord and Tenant shall thereafter cooperate to complete such preliminary space plan; provided, however, the failure (despite Landlord’s compliance with the terms of this paragraph) to finalize the preliminary space plan by the date that is thirty (30) days following the date of Landlord’s receipt of the Option Space Notice shall be a Tenant Delay. All revisions and/or review of plans shall be completed within eight (8) days of receipt of comments in connection therewith and copies thereof, respectively. After final approval of the preliminary space plan (the “Final Space Plan”), Landlord shall, based on the Final Space Plan, prepare Construction Plans for the improvements to the Option Space in accordance with Section 2.1 of Appendix 1.3.4 (provided that the term “Space Plans” as used therein shall refer to the Final Plans as defined in this Section 1.1.2). Landlord shall use reasonable efforts to substantially complete the improvements to the Option Space on June 1, 2011; provided, however, if the Option Space Notice is given before March 1, 2011, upon Tenant’s request, Landlord shall use reasonable efforts to substantially complete the improvements to the Option Space on the date that is one hundred twenty (120) days after the date of Landlord’s approval of the Final Space Plan (such applicable substantial completion date is hereinafter referred to as the “Option Space Delivery Date”). If Landlord is not able to deliver possession of the Option Space to Tenant by the Option Space Delivery Date, Landlord shall not be subject to any liability therefor, nor shall such failure affect the validity of this Lease, or the obligations of Tenant hereunder, or extend the Term hereof, but in such case, Tenant shall not be obligated to pay rent with respect to the Option Space until the date that Landlord delivers possession of the Option Space to Tenant. Notwithstanding the foregoing, if the delay in the Option Space Delivery Date resulted from a Tenant Delay, the Option Space shall be deemed to have been cured at delivered on the time date that the improvements to the Option Space would have been substantially complete in the absence of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion SpaceTenant Delay.

Appears in 1 contract

Sources: Lease Agreement (Acme Packet Inc)

Expansion Option. (a) If, at any time during the Term, any Provided Landlord does not have a bona fide ---------------- offer from a third party to lease Building space becomes available in the Building and if another tenant containing all or a portion of the East Anchor Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunderOption Space, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, option to lease such additional space all or a portion of the Option Space upon not less than sixty (60) days' notice upon the "Expansion Space") upon all the same terms and conditions contained herein, except that (i) including parking ratio. All non-conflicting terms and conditions of the Lease, as amended, shall apply to said Option Space, and the Base Rent for said Option Space shall be the rate per rentable square foot set forth in Section 1(i), payable in monthly installments, in advance. For purposes of calculating Adjusted Base Rent for the Expansion Option Space, the Base Year shall be as set forth in Section 1(n). Tenant shall receive a construction allowance at a rate per square foot equal to the original allowance prorated over the remaining Term of this Lease. The Option Space shall be accepted by Tenant in an "as-is" condition, after Landlord performs Items 1, 2, 6 and 8 under Construction/Demolition as shown on Exhibit "E" on the fair rental value Option Space, and Tenant shall perform the remainder of the Expansion renovation of said Option Space as to meet its requirements. Tenant's allowance shall be administered and distributed consistent with the terms and requirements of this Lease. Tenant agrees to execute an Amendment and Supplement of Lease in form and substance reasonably acceptable to Landlord confirming the exercise of the date within option to expand, redefining the newly defined Premises, the redefining the newly defined Premises, the Base Rent and construction allowance. Tenant may, subject to the terms and conditions of this Lease and Landlord's notice; prior approval, (a) install an additional generator or increase the size and (ii) wattage of the original generator at Tenant's Proportionate Share shall be increasedsole cost and expense, based upon the ratio of the rentable square footage of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease increase the Expansion Space within HVAC capacity for the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Premises at Tenant's failure to exercise its optionsole cost and expense, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Spaceinstall additional antennas at Tenant's sole cost and expense, and any attempted exercise (d) upgrade the Building electrical system installed by Landlord to accommodate Tenant's electrical usage in the Option Space at Tenant's sole cost and expense. Landlord shall provide the space for an additional transformer outside the Building to be installed by Tenant as a part of the Option Space's Base Rent. The location(s) of all such improvements shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, approved by Landlord in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after TenantLandlord's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Spacesole discretion.

Appears in 1 contract

Sources: Lease Agreement (Pac-West Telecomm Inc)

Expansion Option. (a) IfTenant is granted the right to expand its Premises by leasing up to 3,000 contiguous, at any time during rentable square feet of space on the Term, any space becomes available in the Building and if another tenant eighth floor of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunder, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space (the "Expansion Space") currently leased and occupied by Solonis, Inc. upon vacation of said space by Solonis, Inc. Any portion of the Expansion Space desired by Tenant must be contiguous and adjacent to the Premises. To exercise this expansion right, Tenant must give Landlord written notice of its desire to occupy all or any portion of the terms Expansion Space by November 1, 2002. Tenant's lease of the Expansion Space will be on the same terms, covenants and conditions contained herein, provided in the Lease except that (i) Base Rent for the Expansion Space shall space added by Tenant will be the fair rental value equal to 95% of the Expansion Space as monthly base rent which would then be charged by Landlord for the expansion space considering the condition of such space and based on rates then being charged by Landlord for comparable space in the Building. No provisions of this Lease relating to free rent, leasehold improvements, allowances, or other incentives or concessions, if any, will apply to the expansion space unless hereafter agreed upon between the parties in writing. If Tenant timely exercises its right to expand pursuant to this section, Landlord will deliver to Tenant an amendment to this Lease adding the additional space to the Premises. If Tenant fails to timely exercise its expansion right hereunder, or if Tenant fails to execute and deliver the lease amendment to Landlord within 5 business days after delivery to Tenant of the date of Landlord's notice; and same (ii) Tenant's Proportionate Share shall be increasedreflecting the terms agreed upon herein), based upon the ratio of the rentable square footage then Landlord may lease all or any portion of the Expansion Space to one or more third parties and the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its expansion option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereofgranted hereby will terminate. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Space.

Appears in 1 contract

Sources: Lease Amendment (BMC Industries Inc/Mn/)

Expansion Option. Provided that (ai) Ifat the time Tenant exercises the expansion option provided herein, at any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunderunder any terms and conditions under this Lease beyond the expiration of any applicable notice or cure period, and (ii) the current use of the Leased Premises has not materially changed since the Commencement Date, commencing on the Commencement Date and thereafter during the Term, Tenant shall have the right, exercisable upon written notice give option to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space expand the Premises (the "Expansion SpaceOption") to include the space on the 2nd and 3rd floor identified as “Future Expansion" on the layouts in Exhibit B-1 (the “Expansion Space”), upon all and subject to the following terms and conditions, and subject to the availability of such Expansion Space at the time Tenant wishes to exercise its Expansion Option (for purposes of this Section, net Expansion Space shall be deemed to be "available" only if it is not, on the date of Tenant's exercise of its Expansion Option, subject to a lease agreement with, or occupied by, any tenant, subtenant or other occupant): A. Tenant may exercise the Expansion Option only by written notice to Landlord (the "Expansion Notice") at least two hundred seventy (270) days prior to the date upon which Tenant desires to expand into the available net Expansion Space (the "Expansion Date"). The Expansion Date and the net Expansion Space contemplated by Tenant must be specifically set forth in the Expansion Notice; and at the time Tenant provides its notice of exercise of its Expansion Option, the Expansion Space must be available for lease to Tenant. B. Landlord shall have no obligation to relocate or terminate the leases of any existing tenants who, as of the date that Tenant provides its notice of exercise of its Expansion Option, lease any portion of the designated Expansion Space (or their successors, assignees, subtenants or other occupants), in order for Tenant to exercise its Expansion Option. C. At the time Tenant exercises its Expansion Option as to the designated Expansion Space, ▇▇▇▇▇▇'s First Right of Offer as to said designated Expansion Space shall terminate. D. All terms, covenants, conditions contained hereinand provisions of this Lease applicable to the Premises, including without limitation the rate of Minimum Rent per net square foot per annum, shall apply with like force and effect to the Expansion Space, except that (i1) Base Rent the term for the lease of the Expansion Space shall be the fair rental value greater of (hereinafter, the "Expansion Term"): (a) the remaining Term for the lease of the Premises or (b) a period of three (3) years; (2) the lease of the Expansion Space by Tenant shall commence on the date that Landlord delivers the Expansion Space to Tenant with Landlord's Expansion Work (as hereinafter defined) Substantially Completed; and (3) Landlord shall not be obligated to make any alterations or improvements to the Expansion Space, or to provide Tenant with any allowances or other funds with respect to the Expansion Area, except as otherwise provided in Section 3.10(E) below. If Tenant timely and properly exercises its Expansion Option as to any Expansion Space, Tenant shall, promptly upon Landlord's request, and within thirty (30) days after the date on which Tenant provides its written notice to Landlord that Tenant desires to exercise its Expansion Option as to the Expansion Space, enter into an amendment to this Lease with respect to the Expansion Space as to which Tenant has so exercised its Expansion Option, which amendment shall be in a form reasonably acceptable to both Landlord and Tenant and shall confirm the terms and conditions of Tenant's lease of the Expansion Space as of provided herein, and shall contain such other terms and conditions as Landlord and Tenant reasonably and mutually deem to be necessary or appropriate. E. Landlord shall construct and renovate the date Expansion Space, similar to Landlord’s Work for the Leased Premise, pursuant to plans and specs that are mutually acceptable to Landlord and Tenant ("Landlord's Expansion Work"). Upon Substantial Completion of Landlord's notice; Expansion Work and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio delivery of the rentable square footage exclusive possession of the Expansion Space to Tenant as herein provided, ▇▇▇▇▇▇ shall execute a letter of understanding, substantially in the rentable square footage form of the Building. Landlord's notice shall include a statement Letter of Landlord's reasonable estimate of Understanding executed in connection with the fair rental value of the Premises. F. This Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value Option shall be determined by arbitration, as provided in Section 30 hereof. (b) If personal to the Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord originally named herein and shall be free to lease the Expansion Space not extend to any party upon any terms and conditions Landlord shall determineassignee, from time to time during the Term, without any further obligation to except for a Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Affiliate or Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such rightSuccessor. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Space.

Appears in 1 contract

Sources: Lease Agreement

Expansion Option. SECTION 29.1. Subject to Section 29.4, in the event that Rentable Area (aother than the Premises) If, at any time during the Term, any space becomes available anywhere in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunder, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional excluding retail space (the "Expansion Space") upon all from time to time becomes available during the period commencing on the date hereof until the end of the Term, and provided this Lease is in full force and effect, Tenant shall have the option (the "Expansion Option") to lease such Expansion Space on the terms and conditions contained hereinhereinafter set forth. Landlord shall send notice in writing (the "Expansion Notice") to Tenant specifying the location and configuration of such Expansion Space and the date on which the Expansion Space is scheduled to become available for occupancy, provided, that in no event shall Landlord send an Expansion Notice to Tenant more than twelve (12) months prior to the time at which the space which is the subject of such Expansion Notice is scheduled to become available for occupancy. Each Expansion Option shall be exercisable by Tenant giving written notice to Landlord of the exercise of the particular Expansion Option within thirty (30) days after Landlord sends the applicable Expansion Notice. Landlord and Tenant shall enter into an amendment modifying this Lease to add the Expansion Space to the Premises, adding the Expansion Base Rent for the Expansion Space, within ten (10) days of the date Tenant exercises its Expansion Option in accordance with the terms hereof, which shall be co-terminous with the remaining Term of the Lease. Tenant shall lease the Expansion Space on the same terms and conditions as the Premises except that that: (ia) The annual Base Rent for the Expansion Space shall be equal the fair rental value product of (i) the Rentable Area of the Expansion Space as of the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increasedan amount equal to Twenty-two and 50/100 Dollars ($22.50), based upon the ratio as escalated in accordance with Section 4.2 of the rentable square footage Lease ("Expansion Space Base Rent") as of the Expansion Space Commencement Date (as hereafter defined). For example, if, on the first day of the third (3rd) Lease Year, Tenant expands the Premises to include certain Rentable Area on the rentable square footage fourth (4th) floor of the Building, the Base Rent per square foot of Rentable Area in such Expansion Space shall be Twenty-three and 41/100 Dollars ($23.41). Landlord's notice The Expansion Space Base Rent shall include a statement of Landlord's reasonable estimate escalate thereafter during the remainder of the fair rental value Term in accordance with the terms of Section 4.2 of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof.Lease; and (b) If Tenant fails to exercise its option to lease upon the later of the Court Approval Date or the Expansion Space within the 15-day period Commencement Date (as set forth abovehereafter defined), Landlord shall be free pay to lease Tenant an amount ("Expansion Allowance") which shall equal an amount determined by MULTIPLYING (1) the product of One Dollar ($1.00) and the number of square feet in the Rentable Area of the applicable Expansion Space BY (2) a fraction, the numerator of which is the number of months between the Expansion Space Commencement Date and the Expiration Date (without regard to any party upon any terms renewal option being exercised) and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Sectiondenominator of which is one hundred twenty (120). Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease Payment of the Expansion Space.Allowance to Tenant is also conditioned upon the Tenant not objecting to, or raising any new conditions or requirements with respect to, the Settlement Agreement, the Joint Plan, the Travelers' Plan and/or any other transfer of the Building to Travelers or its designee, and the assignment and assumption of the Lease in accordance with the terms of the Joint Plan, the Travelers' Plan and/or any other transfer of the Building to Travelers or its designee, including, without limitation, the assignment of the Lease to Travelers, or its designee, pursuant thereto on the Effective Date, except in the event and to the extent that Tenant is permitted to do so under the last sentence of Section 3(b)(iii) of Amendment No. 5

Appears in 1 contract

Sources: Lease Agreement (Federal Data Corp /Fa/)

Expansion Option. Subject to the provisions hereinafter set forth, Landlord hereby grants to Tenant two (2) separate options to lease, on the terms and conditions hereinafter set forth, space (the “Expansion Space”) at the Building the exact area, configuration and location of the applicable Expansion Space and the date of commencement of the term of the demise with respect to the applicable Expansion Space (each such date being referred to as an “Expansion Space Commencement Date”) and the Rent payable relative to such Expansion Space to be designated by Landlord within the parameters set forth below. (a) IfEach of Tenant’s two (2) options to lease Expansion Space (sometimes referred to herein as “Expansion Option 1” and “Expansion Option 2”, at any respectively) shall be exercisable by written notice from Tenant to Landlord of Tenant’s election to exercise said option given not later than the applicable latest exercise date designated below, time during the Term, any space becomes available in the Building and if another tenant being of the Building has essence: If Tenant’s option as to either of the two (2) expansion options described above is not so exercised a superior on or before the applicable latest exercise date described above, such applicable option shall thereupon terminate and Tenant shall not thereafter have any right to lease any portion of the Expansion Space pursuant to such spacedesignated expansion option (provided that any remaining expansion option under this Article 28 shall continue in full force and effect and provided further that the failure to exercise any given expansion option under this Article 28 shall have no effect whatsoever on Tenant’s rights of first offer under Article 27 above with respect to the First Offer Space therein described). As to either such expansion option, Tenant may not elect to lease less than the entire area of the Expansion Space designated by Landlord in accordance with the parameters described in Section 28(b) below. (b) As to each of the two (2) expansion options so exercised by Tenant, Landlord shall so notify determine the applicable Expansion Space Commencement Date, subject to the following conditions: (1) the area and location of the Expansion Space for Tenant’s respective expansion options shall meet the requirements designated in the table set forth in Section 28(b)(2) below; and (2) the Expansion Space Commencement Date for each of the two (2) expansion options designated above shall fall within the following designated periods: 1 10,898 rentable square feet on the sixth (6th) floor of the Building, as identified on Exhibit G hereto (“Expansion Space A”) Between June 1, 2007 and January 1, 2008 (inclusive) 2 13,156 rentable square feet on the second (2nd) floor of the Building, as identified on Exhibit H hereto (“Expansion Space B”) Between January 1, 2009 and July 1, 2009 (inclusive) (c) If Tenant in writing has validly exercised its expansion option under this Article 28, then Landlord shall give Tenant written notice of the applicable Expansion Space Commencement Date and, as it relates to Expansion Option 2, the applicable “Market Rental Rate” for Expansion Space B as contemplated by Section 28(e) below, no later than three (3) months prior to the designated Expansion Space Commencement Date (provided that Landlord shall, in any event, give its determination of “Market Rent Rate” for Expansion Space B within fifteen (15) business days after Tenant’s request therefor (an “Expansion Space B Information Request”), which Expansion Space B Information Request shall be made no earlier than the following date: (d) Unless Landlord otherwise agrees (at its sole discretion), Tenant may only exercise said option under this Article 28, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise of said option and on the pertinent Expansion Space Commencement Date, this Lease is in full force and effect and Tenant is not in monetary default under this Lease, or in non-monetary default under this Lease beyond applicable cure periods hereunder, and (inasmuch as said option is intended only for the benefit of the original Tenant named in this Lease and/or a permitted Tenant Affiliate assignee), if at the time of Tenant’s exercise of such right and as of the pertinent Expansion Space Commencement Date, the original Tenant named in this Lease has not assigned this Lease (other than to a permitted Tenant Affiliate) or sublet greater than fifty percent (50%)of the rentable area of the Demised Premises (other than to one or more permitted Tenant Affiliates) pursuant to one or more Long Term Assignment/Sublet Agreements (as defined in Section 27(e) above) in effect as of either such date. Without limitation of the foregoing, no sublessee or assignee (other than a permitted Tenant Affiliate assignee) shall be entitled to exercise said option, and, unless Landlord otherwise agrees (at its sole discretion), no exercise of said option by the original Tenant named in this Lease and/or a permitted Tenant Affiliate assignee shall be effective in the event said Tenant assigns this Lease (other than to a permitted Tenant Affiliate) or subleases all or greater than fifty percent (50%) of the rentable area of the Demised Premises (other than to one or more permitted Tenant Affiliates) pursuant to one or more Long Term Assignment/Sublet Agreements in effect as of the date of Tenant’s exercise of such expansion right or as of the pertinent Expansion Space Commencement Date. In the event of an assignment to a permitted Tenant Affiliate assignee as of the time of Tenant’s exercise of said option under this Article 28 or as of the Expansion Space Commencement Date, then, at Landlord’s election, any exercise of said option under this Article 28 and the corresponding lease amendment under Section 28(f) below must be signed by both the original named Tenant in this Lease and each such permitted Tenant Affiliate assignee in order to be effective (unless, however, the original named Tenant no longer exists as a separate and distinct entity as a direct result of the transaction giving rise to the assignment to such permitted assignee, such as is the case of a merger, in which event only the permitted assignee shall be obligated to execute such expansion exercise notice and corresponding lease amendment hereunder). Notwithstanding anything herein to the contrary, Landlord shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's noticeat its election, to waive any of the conditions precedent to Tenant’s valid exercise of its expansion rights under this Article 28, as such conditions are described above in this Section 28(d), whereupon Tenant’s prior exercise of such expansion rights shall be valid and in full force and effect in all respects. Any such waiver by Landlord must be in writing to be effective for purposes of the preceding sentence. (e) If Tenant has validly exercised its option to lease such additional space (the "any applicable Expansion Space") upon , then effective as of the pertinent Expansion Space Commencement Date, such Expansion Space shall be included in the Demised Premises, subject to all of the terms terms, conditions and conditions contained hereinprovisions of this Lease, except that that: (i1) Base except as provided in Section 28(h) below, Rent for per square foot of rentable area of the Expansion Space shall be equal to the fair rental value Market Rental Rate (as defined in Article 30 below) for such Expansion Space, and shall be payable by Tenant as and when Rent is otherwise due for the balance of the Demised Premises; (2) the rentable area of the Demised Premises shall be increased by the rentable area of the Expansion Space as for all purposes (including, without limitation, for purposes of determining “Tenant’s Proportionate Share” under this Lease); (3) the term of the date of Landlord's notice; demise covering the Expansion Space shall commence on the pertinent Expansion Space Commencement Date and (ii) Tenant's Proportionate Share shall be increased, based upon expire simultaneously with the ratio expiration or earlier termination of the rentable square footage Term of this Lease, including any extension or renewal thereof; (4) any work performed at the Expansion Space by Tenant during the first nine (9) months following delivery of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of Tenant to initially ready the Expansion space. If Space for occupancy shall be performed in accordance with the parties have not agreed upon terms and conditions set forth in Article 25 above relative to the fair rental value “Tenant’s Work” therein described (provided that there shall be no “Allowance” relative to such work except to the extent provided in Section 28(h) below, as applicable); and (5) except as provided in Section 28(h) below, the Expansion Space shall be rented in its “as is” condition as of the Expansion Space at the time Commencement Date. (f) If Tenant exercises has validly exercised its option to lease sameany Expansion Space, such value then, within thirty (30) days after request by either party hereto, Landlord and Tenant shall be enter into a written amendment to this Lease confirming the terms, conditions and provisions applicable to the Expansion Space as determined by arbitration, as provided in Section 30 hereofaccordance herewith. (bg) If In the event Landlord should be unable, due to the holding over of any existing tenant(s), or due to a fire or other casualty, or for any other reason, to deliver possession of any Expansion Space on the applicable Expansion Space Commencement Date, Landlord shall not be subject to any liability for failure to deliver possession, except as provided below in this Section 28(g). Such failure to deliver possession shall not affect either the validity of this Lease or the obligations of either Landlord or Tenant fails hereunder, or be construed to exercise its option extend the expiration of the Term of this Lease either as to lease such Expansion Space or the balance of the Demises Premises; provided, however, that under such circumstances, the Expansion Space within Commencement Date shall be deferred until Landlord is able to deliver possession. Landlord shall use commercially reasonable efforts to deliver possession of each applicable Expansion Space to Tenant as of the 15stated Expansion Space Commencement Date described herein, or as soon thereafter as is reasonably practicable, including, if applicable, the commencement of an eviction or similar proceeding to recover possession thereof from a holdover tenant. Without limitation of the foregoing, if any such failure to deliver possession of any Expansion Space persists for a period of ninety (90) days following the foregoing stated Expansion Space Commencement Date (the “Outside Expansion Space Commencement Date”) for any reason whatsoever (including reasons beyond Landlord’s reasonable control), then Tenant shall have the right to terminate its earlier exercise of its expansion option under this Article 29, upon thirty (30) days’ prior written notice thereof given to Landlord at any time following such 90-day period and prior to delivery of possession of such space to Tenant (time being of the essence) and Landlord’s failure to deliver possession of such Expansion Space to Tenant within such 30-day period, whereupon this Lease shall remain in full force and effect without regard to said Expansion Space (provided that Tenant shall continue to have all first offer rights as otherwise set forth in Article 27 above). (h) Notwithstanding the foregoing, Landlord shall be free with respect to lease the Expansion Space A exercised by Tenant under Expansion Option 1 above, in lieu of paying Market Rental Rate for such space, Tenant shall instead pay Fixed Rent and Additional Rent with respect to any party upon any terms and conditions Landlord shall determinesuch space in accordance with the same provisions as applicable for the initial Demised Premises hereunder (i.e., with Fixed Rent per square foot of rentable area for such Expansion Space being at the same respective rates from time to time during as Fixed Rent for the Terminitial Demised Premises, without any further obligation all as determined pursuant to Tenant under Article 1 above). Further, with respect to both Expansion Space A and Expansion Space B, the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right.following terms shall apply: (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii1) Tenant shall be entitled to an abatement of Fixed Rent and Tenant’s Expense Charge attributable to such Expansion Space for the period from and after the applicable Expansion Space Commencement Date and through the first to occur of (A) ninety (90) days after such Expansion Space Commencement Date, and (B) the day Tenant first occupies such Expansion Space for the conduct of any business operations therefrom; and (2) such Expansion Space shall be rented in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease its “as is” condition as of the Expansion SpaceSpace Commencement Date; provided that, with respect to Expansion Space A only, Tenant shall be entitled to an “Allowance” in the amount of $38.00 per square foot of rentable area of the applicable Expansion Space multiplied by a fraction, the numerator of which is the number of calendar months from and after the applicable Expansion Space Commencement Date therefor and the denominator of which is 132 months. With respect to Expansion Space B only, the “tenant improvement allowance” (if any) shall be determined as part of the calculation of the Market Rental Rate for such space. Any work desired by Tenant to ready such space for occupancy will be performed pursuant to, and the foregoing Allowance or tenant improvement allowance shall be disbursed in accordance with, the same terms as set forth in Article 25 above relative to performance of the “Tenant’s Work” and disbursement of the “Allowance” thereunder. (i) If Tenant, pursuant to Article 27 above or otherwise, has leased (with the term “leased”, for purposes of this subparagraph (i), meaning either that the demise of such applicable space has then commenced or that Tenant has otherwise then exercised its first offer rights relative to such applicable space) any portion of Expansion Space A prior to exercising the first (1st) applicable expansion option under this Article 28, then such portion of Expansion Space A so leased by Tenant shall be deducted from the Expansion Space otherwise required for Expansion Option 1 under this Article 28 (provided that any remaining portion of Expansion Space A for such particular expansion option hereunder and the remaining applicable expansion option under this Article 28 shall continue in full force and effect). Further, if Tenant, pursuant to Article 27 above or otherwise, has leased any portion of Expansion Space B prior to exercising the second (2nd) applicable expansion option under this Article 28, then such portion of Expansion Space B so leased by Tenant shall be deducted from the Expansion Space otherwise required for Expansion Option 2 under this Article 28 (provided that any remaining portion of Expansion Space B for such particular expansion option hereunder shall continue in full force and effect). (j) If Tenant exercises its termination rights under Article 31 hereof prior to the exercise of any expansion option under this Article 28, then Tenant shall no longer have any further expansion rights under this Article 28, and this Article 28 shall thereupon be null and void.

Appears in 1 contract

Sources: Lease Agreement (SXC Health Solutions Corp.)

Expansion Option. 43.01. Landlord grants Tenant the option (athe "Expansion Option") If, at any time during to rent approximately 6,577 rentable square feet of the Term, any additional space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunder, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space shown on Exhibit G hereto (the "Expansion Space") upon all ). The Expansion Option may be exercised only by Tenant's written notice given to Landlord within 365 days after the date hereof, time being of the essence with respect to the giving of such notice, and only if Tenant shall not be in default beyond any applicable notice and grace period under this Lease either as of the date of the giving of such written notice by Tenant or the first day of the month immediately following the month in which Tenant gives such written notice. If Tenant exercises the Expansion Option in accordance with this Section 43.01, then Landlord shall lease to Tenant the Expansion Space on the same terms and conditions as those contained herein, except that (i) Base Rent in this Lease and for a term commencing on the first day of the month immediately following the month in which Tenant gives written notice of its exercise of the Expansion Option and continuing coterminous with the Term of this Lease. Tenant's Proportionate Share under this Lease shall be adjusted to reflect the inclusion of the Expansion Space. The demise of the Expansion Space shall be the fair rental value of accomplished by an amendment to this Lease to include the Expansion Space as part of the date of Landlord's notice; and Premises (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to but Tenant's failure to exercise execute and deliver such an amendment shall not affect its option, obligations with respect to the Expansion Space). If Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant exercises its Expansion Option Landlord shall have no right obligation to exercise its option to lease pay for or perform any work in the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with prepare such space for Tenant; or (ii) 's occupancy. Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted forever waived its right to exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion SpaceOption if it fails for any reason whatsoever to give notice of exercise to Landlord within the 365-day period after the date hereof, whether such failure is inadvertent or intentional.

Appears in 1 contract

Sources: Lease (Applied Microbiology Inc)

Expansion Option. (a) If, at any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided Provided that Tenant is not in default hereunderunder this Lease beyond any applicable notice and cure period, Tenant shall have the right, exercisable upon written notice give ("Expansion Option") to Landlord within 15 days after receipt be exercised on or before one month prior to the expiration of Landlord's noticeany Term under the Lease, as hereby amended, to lease such expand the Demised Premises to include the additional space premises depicted on Attachment 2 attached hereto and made a part hereof, which the parties hereto agree for all purposes under this Lease, contains an area of 3,041 rentable square feet (the "Expansion Space"). Tenant shall give Landlord and Overlandlord thirty (30) upon all days prior written notice of its exercise of the right to expand into the Expansion Space as herein provided. Tenant agrees to accept the Expansion Space in an "as is" physical condition and Tenant shall not be entitled to receive any allowance, credit, concession or payment from Landlord for the improvement thereof. All of the terms and conditions contained herein, except that (i) provisions of this Lease shall be applicable to the Expansion Space. The annual Base Rent for the Expansion Space shall be the fair rental value of the Expansion Space as of the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, ifequal to: (i) Twenty Dollars and Fifty Cents ($20.50) per rentable square foot per year thereof during the named Tenant has assigned this Lease or has at any time subleasedperiod commencing on May 1, in the aggregate2004 and ending on January 31, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant2005; or (ii) $21.50 per rentable square foot per year thereof during the period commencing February 1, 2005 and ending on January 31, 2006; (iii) Twenty Two Dollars and Six Cents ($22.06) during the period commencing on February 1, 2006 and ending on December 30, 2006; (iv) Twenty Five Dollars and No Cents ($25.00) per rentable square foot per year during the first Renewal Term, if any; and (v) Twenty Six Dollars and No Cents ($26.00) per rentable square foot per year during the second Renewal Term, if any, which shall be payable in equal monthly installments on the first day of each month after the Expansion Space is so added to the Demised Premises. In the event Tenant exercises the Expansion Option, Landlord and Tenant shall be in default hereunder mutually execute and such default deliver an amendment to this Lease reflecting the Expansion Space on the terms herein provided. The Expansion Option herein granted shall not have been cured at automatically terminate upon the time earliest to occur of (i) the expiration or termination of this Lease, (ii) the termination of Tenant's right to possession of the attempted premises, (iii) any assignment or subletting by Tenant except as provided for in Section 6.03, or (iv) the failure of Tenant to timely or properly exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion SpaceOption.

Appears in 1 contract

Sources: Lease Amendment and Attornment Agreement (Penwest Pharmaceuticals Co)

Expansion Option. (a) If, at At any time during the Termprior to February 28, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunder1999, Tenant shall have the rightoption to expand the Premises to include either (i) all of the office space on all or one or more entire floors of the Fourth (4th), exercisable upon written notice give to Landlord within 15 days after receipt Fifth (5th) and Sixth (6th) Floors of Landlord's noticethe Building, to lease such additional or (ii) all of the office space on all or one or more entire floors of the Sixth (6th), Tenth (l0th) and Eleventh (11th) Floors of the Building (the "Expansion Space"), which option hereinafter shall be referred to as the "Expansion Option." Tenant shall not be entitled to exercise the aforesaid Expansion Option to lease Expansion Space if, at the time Tenant is entitled to exercise said option, Tenant has subleased or has entered into an agreement to sublease in the future more than twenty-five percent (25%) of the then total amount of rentable square feet of the Premises, unless Tenant itself occupies at all times the Expansion Space and does not relocate its employees from the initial Premises into the Expansion Space in order to comply with this provision. To exercise the Expansion Option, Tenant must deliver to Landlord written notice of the exercise of the Expansion Option (the "Expansion Notice") on or before February 28, 1999. If Tenant delivers to Landlord the Expansion Notice within the time provided herein, the Expansion Space shall be leased upon all of the same terms and conditions contained hereinset forth in this Lease with respect to the Premises (which terms and conditions shall be adjusted proportionately to account for the increased rentable square footage of the Premises upon inclusion of the Expansion Space), except that that: (i1) the Lease Term with respect to the Expansion Space shall commence on the later of (A) September 1, 2000, or (B) the date on which Landlord delivers the Expansion Space to Tenant; (2) Tenant shall be obligated to pay Base Rent and Additional Rent for the Expansion Space beginning on the date that is 120 calendar days after the date on which Landlord delivers the Expansion Space to Tenant; (3) if Tenant exercises the Expansion Option with respect to Expansion Space on the Tenth (10th) or Eleventh (11th) Floors, the Base Rental for that space shall be Two Dollars ($2.00) per rentable square foot greater than that for the fair rental value remainder of the Premises; and (4) Landlord shall provide to Tenant an "Expansion Space Improvement Allowance" equal to Twenty-Seven and 50/100 Dollars ($27.50) per rentable square foot of the Expansion Space, which shall be paid by Landlord, and may be used by Tenant in accordance with the purposes set forth in Paragraph 3(d), above. The Expansion Space Improvements shall be constructed in accordance with the provisions of EXHIBIT B and the Expansion Space Improvement Allowance shall be paid in accordance with the provisions of Exhibit B. (b) Landlord shall use commercially reasonable efforts to deliver the Expansion Space to Tenant by September 1, 2000, or as soon thereafter as possible, by taking all reasonable steps to recover possession of the Expansion Space from the entity that is the tenant of the Expansion Space as of the date of Landlord's notice; and execution of this Lease (ii) the "Current Expansion Space Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage of "). If Landlord does not deliver the Expansion Space to Tenant by September 1, 2000, and as a direct result Tenant is forced to hold over under its existing lease for premises at ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ (the rentable square footage "Existing Lease"), then Landlord shall reimburse Tenant for the amounts paid by Tenant under the Existing Lease for the period during which Tenant occupies space pursuant to the Existing Lease after the expiration of the Building. Landlord's notice shall include a statement Existing Lease by reason of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of failure to timely deliver the Expansion Space (the "Expansion Holdover Period") that are in excess of the amounts Tenant would have been obligated to pay during the Expansion Holdover Period if those amounts were required to be paid at the time rate in effect under the Existing Lease immediately prior to the expiration of the term of the Existing Lease, provided that the total amount of any such reimbursement shall not exceed the amount actually received by Landlord as rent from the Current Expansion Space Tenant exercises after September 1, 2000 that are in excess of the amounts the Current Expansion Space Tenant would have been obligated to pay after the expiration of its lease for the Premises if those amounts were required to be paid at the rate in effect under the Current Expansion Space Tenant's lease for the Premises immediately prior to the expiration of the term of that lease. Tenant shall have the right to rescind the exercise of this expansion option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant the event that Landlord fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease deliver the Expansion Space to any party upon any terms and conditions Landlord shall determineTenant by June 30, from time to time during the Term2001, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing provided that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its said option to lease the Expansion Spacerescind by giving written notice thereof to Landlord by July 10, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Space2001.

Appears in 1 contract

Sources: Office Lease (Watson Wyatt & Co Holdings)

Expansion Option. (a) If, at any time during 40.1 Provided that this Lease has been fully executed by the Term, any space becomes available in the Building parties hereto and if another tenant of the Building Tenant has not exercised a superior right delivered to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default all prepaid rental required hereunder, Tenant shall have the rightoption (the “Expansion Option”) to lease all or a portion of the remainder of the space located on the 19th floor of the Building containing approximately 9,000 square feet of rentable area as shown on Exhibit F to this Lease (the “19th Floor Expansion Space”). Tenant’s Expansion Option may be exercised by Tenant more than once with respect to portions of the 19th Floor Expansion Space only, exercisable upon provided that all of the conditions of this Article 40 are met with respect to each such exercise by Tenant. In the event that Tenant exercises its Expansion Option in accordance with this Article as to the entire remainder of the 19th Floor Expansion Space, then Tenant’s Expansion Option shall also apply to either (a) all or a portion of the space containing approximately 17,000 rentable square feet located on the 17th floor of the Building or (b) all or a portion of the approximately 17,000 rentable square feet of space located on the 20th Floor of the Building, as such spaces are shown on Exhibit F-1 to this Lease (each, an “Additional Expansion Space”), provided that Landlord shall determine, in its sole discretion, whether the Expansion Option as to any Additional Expansion Space applies to the space located on the 17th floor of the Building or to the space located on the 20th floor of the Building. Notwithstanding the foregoing, Tenant shall have no Expansion Option with respect to any of the Additional Expansion Space if Tenant fails to exercise the Expansion Option as to the entire 19th Floor Expansion Space. The 19th Floor Expansion Space and the Additional Expansion Space, if any, as to which Tenant exercises its Expansion Option pursuant to this Section are sometimes hereinafter referred to as the “Expansion Space”. 40.2 Notwithstanding anything to the contrary set forth herein, Tenant may only exercise its Expansion Option pursuant to this Article 40 if: (i) Landlord receives a binding written notice give (the “Expansion Notice”) from Tenant of the exercise of its Expansion Option on the terms and conditions set forth in this Article 40 no later than June 1, 2009 (the “Expansion Option Period”), which Expansion Notice as to the 19th Floor Expansion Space shall identify the portion of the 19th Floor Expansion Space Tenant desires to lease pursuant to this Section; (ii) the commencement date of the term for such Expansion Space, including the commencement of Annual Rent and Tenant’s Proportionate Share of Taxes and Expenses (subject to Sections 40.3 and 40.4, below) for such Expansion Space, shall be no later than four (4) months after the later date of Tenant’s delivery of its Expansion Notice; (iii) Tenant is not in default under this Lease beyond any applicable cure periods at the time that Landlord receives the Expansion Notice; (iv) no part of the Premises is sublet at the time Landlord receives the Expansion Notice; (v) this Lease has not been assigned prior to the date that Landlord receives the Expansion Notice; (vi) the Expansion Space is intended for the exclusive use of Tenant only during the Term; (vii) Tenant has not vacated or abandoned the Premises at the time Landlord receives the Expansion Notice; (viii) in the event Tenant exercises the Expansion Option only as to a portion of the 19th Floor Expansion Space, such portion shall be not less than 3,000 rentable square feet, and the remaining portion of the 19th Floor Expansion Space as to which Tenant does not exercise the Expansion Option shall be in a marketable configuration, as determined by Landlord in Landlord’s sole discretion. In the event that the Expansion Option applies to the Additional Expansion Space pursuant to Section 40.1 above, upon receipt of Tenant’s Expansion Notice, Landlord shall notify Tenant of the floor on which the potential Additional Expansion Space as to which the Expansion Option shall apply is located (“Landlord’s Notice”). Tenant shall, within 15 five (5) business days after receipt of Landlord's notice’s Notice, deliver to Landlord an Expansion Notice notifying Landlord of Tenant’s exercise of its Expansion Option of such Additional Expansion Space, which Expansion Notice shall identify the portion of Additional Expansion Space Tenant desires to lease pursuant to this Lease, provided that in the event that Tenant exercises its Expansion Option as to only a portion of the Additional Expansion Space described in Landlord’s Notice, if such additional space Additional Expansion Space described in Landlord’s Notice is located on the 17th floor, such portion exercised by Tenant shall be no less than fifty percent (50%) of the "entire Additional Expansion Space"Space described in Landlord’s Notice, and if such Additional Expansion Space described in Landlord’s Notice is located on the 20th floor, such portion exercised by Tenant shall be no less than twenty-five percent (25%) upon all of the entire Additional Expansion Space described in Landlord’s Notice, and the remaining portion of the subject Additional Expansion Space as to which Tenant does not exercise the Expansion Option shall be in a marketable configuration, as determined by Landlord in Landlord’s sole discretion. In the event Tenant fails to deliver an Expansion Notice for such Additional Expansion Space within such five (5) business day period, Tenant’s Expansion Option as to the Additional Expansion Space shall be deemed to be null and void and Tenant shall have no further rights to lease any Additional Expansion Space hereunder. 40.3 The initial Annual Rent rate per rentable square foot for the subject Expansion Space shall be the same as the Annual Rent rate per rentable square foot for the initial Premises on the date the term for the Expansion Space commences. The Annual Rent rate for the subject Expansion Space shall increase at such times and in such amount as the Annual Rent rate for the initial Premises, it being the intent of Landlord and Tenant that the Annual Rent rate per rentable square foot for the Expansion Space shall always be the same as the Annual Rent rate per rentable square foot for the initial Premises. Monthly Installment of Rent attributable to the Expansion Space shall be payable in monthly installments in accordance with the terms and conditions contained hereinof Article 3 of this Lease. If Tenant exercises its Expansion Option during the Expansion Option Period, except Tenant shall be entitled to an abatement of Monthly Installment of Rent with respect to such Expansion Space on a prorated straight-line basis for the then-remaining Term, as determined by Landlord, in proportion to the abatement of Monthly Installment of Rent applicable to the initial Premises. 40.4 Tenant shall pay additional rent (including without limitation, Tenant’s Proportionate Share of Taxes and Expenses) for the Expansion Space on the same terms and conditions set forth in Article 4 of this Lease, including the same Base Year that is applicable to the initial Premises, and ▇▇▇▇▇▇'s Proportionate Share shall increase appropriately to account for the addition of the Expansion Space. 40.5 The Expansion Space (iincluding improvements and personalty, if any) Base Rent shall be accepted by Tenant in its “as-built” condition and configuration existing on the earlier of the date Tenant takes possession of the Expansion Space or as of the date the term for the Expansion Space commences. In addition, Tenant shall be entitled to an Improvement Allowance with respect to the Expansion Space, as described in Section 40.8 below. 40.6 The term for the subject Expansion Space shall commence on the date Landlord delivers possession of the Expansion Space to Tenant, and shall end, unless sooner terminated pursuant to the terms of this Lease, on the Termination Date of this Lease, it being the intention of the parties hereto that the term for the Expansion Space and the Term for the initial Premises shall be coterminous. If Landlord is delayed delivering possession of the subject Expansion Space due to the holdover or unlawful possession of such space by any party, Landlord shall use reasonable efforts to obtain possession of the space, and the commencement of the term for the Expansion Space shall be postponed until the fair rental value date Landlord delivers possession of the Expansion Space as to Tenant free from occupancy by any party. 40.7 The Expansion Space shall be considered a part of the Premises, subject to all the terms and conditions of this Lease, except that no allowances, credits, abatements or other concessions (if any) set forth in this Lease for the initial Premises shall apply to the Expansion Space, except as may be specifically provided otherwise in this Article 40. 40.8 Tenant shall be entitled to receive an improvement allowance (the “Improvement Allowance”) in accordance with the terms and conditions set forth below, with respect to the Expansion Space: 40.8.1 The Improvement Allowance per square foot of rentable area in the Expansion Space leased by Tenant shall be in an amount determined by multiplying $0.5392 by the number of full calendar months remaining in the Term on the commencement date for the Expansion Space. For example, if there are one hundred (100) full calendar months remaining in the Term on the commencement date of Landlordthe Expansion Space, Tenant shall be entitled to receive an Improvement Allowance of $53.92 per square foot of rentable area of Expansion Space ($0.5392 x 100 = $53.92). Such Improvement Allowance shall be applied toward the hard costs of performing the initial improvements in the Expansion Space (the “Expansion Improvements”). 40.8.2 The Improvement Allowance shall be disbursed during construction of the Expansion Improvements (but no more often than once every thirty (30) days) upon receipt by Landlord of necessary waivers of mechanics liens from the general contractor and the subcontractors, percentage completion certificates from Tenant, the general contractor and ▇▇▇▇▇▇'s notice; architect, a sworn contractor's affidavit from the general contractor, a request to disburse from Tenant containing an approval by Tenant of the work done, and such other documents as Landlord may reasonably request. Landlord shall disburse the Improvement Allowance funds within thirty (30) days of receipt of the documentation described above, subject to ten percent (10%) retention, to the order of the general contractor or, at ▇▇▇▇▇▇▇▇'s election, to the joint order of the general contractor and all included subcontractors. If the cost of the Expansion Improvements exceeds the Improvement Allowance, then the Improvement Allowance will be disbursed in the proportion that the Improvement Allowance bears to the total cost of the Expansion Improvements. Upon completion of the Expansion Improvements, and prior to final disbursement of the Improvement Allowance, Tenant shall furnish Landlord with: (a) general contractor and architectural completion affidavits, (b) full and final waivers of lien, (c) receipted bills covering all labor and materials expended and used, (d) as-built plans of the Expansion Improvements, (e) the certification of Tenant and its architect that the Expansion Improvements have been installed in a good and workmanlike manner in accordance with the approved plans and in accordance with applicable codes and ordinances, and (vi) such other documents as Landlord may reasonably request to evidence the proper completion and payment of the Expansion Improvements. 40.8.3 Notwithstanding anything herein to the contrary, Landlord shall not be obligated to disburse any portion of the Improvement Allowance during the continuance of an uncured default under this Lease, and ▇▇▇▇▇▇▇▇'s obligation to disburse shall only resume when and if such default is cured. The Improvement Allowance may only be used for the cost of labor, material, permits and contractors fees for the Expansion Improvements to the Expansion Space. In no event shall more than $10.00 per rentable square foot of the Improvement Allowance for the Expansion Space be used for (i) any soft costs, including the cost of preparing plans, drawings and specifications, or (ii) the purchase of equipment, furniture or other items of personal property of Tenant's Proportionate Share shall be increased, based upon for the ratio Expansion Improvements. Any Improvement Allowance remaining after the date which is seven (7) months following the commencement of the term for the Expansion Space shall accrue to Landlord and Tenant shall have no claim in connection therewith. 40.9 If Tenant is entitled to and properly exercises the Expansion Option, Landlord shall prepare an amendment (the “Expansion Amendment”) to reflect the commencement date of the term for the Expansion Space and the changes in Monthly Installment of Rent, rentable square footage of the Expansion Space to the rentable square footage of the BuildingPremises, ▇▇▇▇▇▇'s Proportionate Share and other appropriate terms. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value A copy of the Expansion space. If the parties have not agreed upon the fair rental value Amendment shall be sent to Tenant within a reasonable time after ▇▇▇▇▇▇▇▇’s receipt of the Expansion Space at the time Notice, and Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease execute and return the Expansion Space Amendment to Landlord within ten (10) business days thereafter, provided, however, that the 15-day period as set forth above, Landlord shall be free parties agree to lease negotiate any other appropriate terms of the Expansion Space to any party upon any terms Amendment in good faith and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Sectionin a commercially reasonable manner. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted An otherwise valid exercise of the option, at the time of the proposed commencement of the lease of Expansion Option shall be fully effective whether or not the Expansion SpaceAmendment is executed.

Appears in 1 contract

Sources: Lease Agreement

Expansion Option. Provided that (ai) Ifthis Lease shall be in full force and effect, at and (ii) there shall not then be an existing default under this Lease, beyond any time during the Term, any space becomes available in the Building applicable notice and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereundercure periods, Tenant shall have the rightright to expand the Premises to Include Suite 232 located on a portion of the second (2nd) floor or the Building (the “Suite 232’’) once Suite 232 becomes, exercisable upon written notice or Landlord reasonably anticipates that Suite 232 will become Available. For the purposes of this Article 49, “Available” means, as to Suite 232, the first instance after the Commencement Date hereof, that Suite 232 is vacant and free of any present or future possessory right now existing by the current tenant thereof or any subtenant (not including Tenant) or any other occupant. Landlord shalt give to Landlord within 15 days after receipt Tenant notice (an “Offer Notice”) thereof, specifying a description of Landlord's noticeSuite 232, to lease such additional space (the "Expansion Space") upon all the terms more particular identified on Exhibit 3 annexed hereto and conditions contained herein, except that (i) Base Rent for the Expansion Space shall be the fair rental value of the Expansion Space as of the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage of Suite 232. If Tenant shall give Landlord written notice on or prior to January 1, 2016 electing to so expand the Premises (the “Expansion Notice”) to include Suite 232 as part of the Premises, then Landlord shall deliver possession of Suite 232 to Tenant upon the date that Suite 232 becomes Available (the “Suite 232 Commencement Date”). If Tenant shall fail to timely deliver the Expansion Space notice to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time , Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails deemed to exercise its option to lease have waived the Expansion Space within the 15-day period as expansion right set forth abovein this Article 49, and Landlord shall be free to lease the Expansion Space all or any portion of Suite 232 to any party upon any with third parties on such terms and conditions as Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm expansion option set forth in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise this Article 49 shall be null and void and of no effectfurther force and effect with respect to all or any part of Suite 232 and Landlord shall have no further obligation to offer all or any part of Suite 232 to Tenant, ifand Tenant shall, as soon as reasonably practicable after demand by Landlord, execute an instrument reasonably satisfactory to Landlord and Tenant confirming Tenant’s waiver of, and extinguishing, the expansion option contained in this Article 49. If Tenant timely deliver the Expansion Notice to Landlord in accordance with the conditions hereof, then, on the ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇ shall become part of the Premises, upon all of the terms and conditions set forth in this Lease, for the remainder of the Term, except: (iA) Tenant’s Proportionate Share shall be increased to reflect the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% inclusion of Suite 232 as part of the Premises to a party other than one controlling, controlled by or under common control with TenantPremises; or (iiB) Tenant shall not be entitled to any rent abatement or free rent; and (C) the base Rent for Suite 232 shall be equal to the then escalated rent per square foot which Tenant is then paying for the Premises under the Lease (prior to the inclusion of Suite 232); and (D) Landlord shall have no obligation to pay Tenant any work allowance, deliver any materials or perform any alteration or work with respect to Suite 232 whatsoever, and Tenant shall accept Suite 232 otherwise in default hereunder and such default shall not have been cured at the time its current then “AS-IS” condition as of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion SpaceSuite 232 Commencement Date.

Appears in 1 contract

Sources: Lease Agreement (Constant Contact, Inc.)

Expansion Option. (a) IfSubject to the terms and conditions of this Section 2.5 and subject to the pre-existing rights of Transystems, at any time during the TermInc., any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunderas shown on Exhibit FO, Tenant shall have the rightright to expand the Premises to include 16,640 rentable square feet of space on the first floor of the Building, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space in the location shown on Exhibit FP-1 (the "Expansion SpacePremises") upon all the terms ), provided and conditions contained herein, except on condition that (i) Base Rent for this Lease is in full force and effect, (ii) no Default of Tenant shall have occurred and be continuing (either at the time of exercise or at upon the Expansion Space Premises Commencement Date), (iii) Tenant shall not have assigned this Lease or vacated or sublet more than 20,000 rentable square feet in the Premises, other than in connection with a transfer for which Landlord's consent is not required under Article VI (any of which conditions described in clauses (i), (ii), and (iii) may be waived by Landlord at any time in Landlord's sole discretion). If Tenant shall give Landlord written notice no later than the fair rental value date that is twelve months after the date of this Lease electing to so expand the Premises, then Landlord shall deliver possession of the Expansion Space Premises to Tenant on the Expansion Premises Commencement Date (as of defined below). If Tenant shall fail to timely deliver such notice electing to so expand the date of Landlord's notice; and (ii) Tenant's Proportionate Share Premises, Tenant shall be increaseddeemed to have waived such right, based upon the ratio of the rentable square footage and Landlord shall thereafter be free to lease all or any portion of the Expansion Space Premises to such parties and on such terms as Landlord shall determine in its sole discretion, subject to the rentable square footage provisions of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof2.6 below. (b) If Tenant fails to exercise its option to lease Promptly after the Expansion Space within the 15-day period as set forth abovedate of Tenant's notice, Landlord shall be free commence and use commercially reasonable efforts to lease perform certain improvements to the Expansion Space Premises in order to any party upon any fit out the space in accordance with a Building standard level of finish consistent with the level of finish for Landlord's Work in the remainder of the Premises, and a ratio of twenty percent (20%) office space to eighty percent (80%) open space. Such work shall be performed in accordance with and subject to the requirements for Plans, timing of Landlord's Work, Tenant Delay, punchlist, warranty, and other requirements applicable to the initial Premises set forth in Article IV below. The date that Landlord has substantially completed such work and delivered the Expansion Premises to Tenant is hereinafter referred to as the "Expansion Premises Commencement Date". Landlord shall use commercially reasonable efforts to deliver the Expansion Premises to Tenant on or before the date that is five (5) months after the date of Tenant's notice. As of the Expansion Premises Commencement Date, the Premises under this Lease shall be expanded to include the Expansion Premises. Once incorporated into the Premises, Tenant's rights and obligations with respect to the Expansion Premises shall be subject to and with the benefit of all of the terms and conditions Landlord shall determineof this Lease, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, ifexcept that: (i) the named Basic Rent per square foot applicable to the Expansion Premises shall equal the Basic Rent per square foot for the remainder of the Premises; (ii) the Term of the Lease with respect to the Expansion Premises shall be coterminous with the remainder of the Premises; (iii) Tenant has assigned shall commence payment of such additional amount of Basic Rent with respect to the First Expansion Premises on the Expansion Premises Commencement Date; and (iv) the Escalation Factor shall be revised to reflect the addition of the Expansion Premises to the Premises in accordance with the Escalation Factor Computation. Promptly after the Expansion Premises Commencement Date, Landlord and Tenant agree to enter into an amendment to this Lease or has at any time subleasedmemorializing the addition of the Expansion Premises to this Lease and the amendment to the applicable defined terms hereunder, in including, without limitation, Premises, Basic Rent, Term and Escalation Factor, but failure of the aggregate, more than 50% parties to execute such an amendment shall have no effect on the expansion of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of include the Expansion SpacePremises, and the economic terms associated therewith, as set forth above.

Appears in 1 contract

Sources: Lease Agreement (First Marblehead Corp)

Expansion Option. Federal shall also have an on-going option through July 31, 1999 (a) If, at any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunder, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice"Federal Expansion Option"), to lease such additional space (the "Expansion Space") upon all the terms and conditions contained herein, except that (i) Base Rent for the Expansion Space shall be the fair rental value or any portion of the Expansion Space as which has not been leased to a third party after a failure by Federal to exercise the Federal ROFR with respect to such space under Section 4 above; provided, however, the term of the lease with respect to such Expansion Space may commence no earlier than November 1, 1998, and no later than July 31, 1999. The Federal Expansion Option must be exercised, and the lease of such Expansion Space shall be, in accordance with the following terms and conditions. Federal may notify Interactive and Landlord of its wish to exercise the Federal Expansion Option at any time and from time to time on or before ninety (90) days prior to the date of Landlord's notice; upon which the lease with respect to such Expansion Space is to commence and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage portion of the Expansion Space to the rentable square footage be so leased. Upon each such exercise of the Building. Landlord's notice Federal Expansion Option, the Federal Lease shall include a statement of Landlord's reasonable estimate of be amended to add the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value portion of the Expansion Space at so designated as a portion of the time Tenant exercises its option Federal Premises, effective as of the commencement date with respect to lease samesuch Expansion Space specified in Federal's notice; provided, however, as of the effective date of such value expansion, the rental under the Federal Lease shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails increased to exercise its option to lease at all times reflect that the rental of the Expansion Space within is to be at the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, same rent per square foot from time to time during the Term, without any further obligation to Tenant as is applicable under the SectionFederal Lease to the original Federal Premises. Subsequent In addition, Landlord shall not be obligated to Tenant's failure license to exercise its optionFederal more than three (3) additional parking spaces for each 1,000 square feet of additional space leased by Federal, Tenant shallwith the fee for such additional spaces to be at the same rate as for the spaces licensed to Federal under the Federal Lease. If Federal exercises the Federal Expansion Option, within ten days after demand thereof by Landlordthen Landlord agrees to accept the surrender of, confirm in writing that Tenant has declined and Interactive agrees to exercise such right. (c) Tenant shall have no right to exercise its option to lease surrender, the applicable portion of the Expansion Space, Space on the same terms and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, conditions as specified in the aggregatefirst paragraph of Section 1 of this Agreement; provided, more than 50% however, the number of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant parking spaces surrendered shall be in default hereunder accordance with Section 10(d) below and such default the Base Rent and Tenant's Pro Rata Share of Operating Expenses and Taxes shall not have been cured at also be proportionately reduced. In no event shall the time Federal Expansion Option apply during any extension of the attempted exercise orFederal Lease pursuant to Section 2.2 of the Federal Lease but, if such default occurs after Tenant's attempted exercise of the option, at Federal Expansion Option has been exercised so that the time of the proposed commencement of the lease Federal Lease includes portions of the Expansion SpaceSpace prior to July 31, 1999, and the term of the Lease has been extended pursuant to Section 2.2 of the Federal Lease, then such extension shall apply to all of the space then leased under the Federal Lease including, but not limited to, space leased pursuant to the Federal Expansion Option.

Appears in 1 contract

Sources: Sublease Agreement (Interactive Flight Technologies Inc)

Expansion Option. Provided this Sublease is in full force and effect and subject to the terms hereof, Subtenant shall have the ongoing option (athe “Expansion Option”) If, at any time during the Term, any to expand into that certain space becomes available in the 12790 Building known as Suite 100 and if another tenant shown on Exhibit F attached hereto (“Expansion Space”) upon all of the Building has not exercised a superior right same terms and conditions as the Subleased Premises. In the event Subtenant wishes to lease such spaceexercise the Expansion Option, Landlord Subtenant shall so notify Tenant in writing provide Sublandlord with written notice of Subtenant’s desire to exercise of the Expansion Option (the “Expansion Notice”), and, provided that Tenant is not in default hereunderthe Expansion Option Conditions (defined below) are satisfied and Prime Landlord has provided its written consent, Tenant the Subleased Premises shall have be expanded to include the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space (the "Expansion Space", subject to the following: (1) the Base Rent payable for and other economic terms applicable to the Expansion Space shall be at the same Base Rent rate and upon all the same economic terms (prorated as of the commencement date for such Expansion Space) then in effect for the Subleased Premises as of the commencement date for such Expansion Space and shall escalate at the same time and at the same rate as the Base Rent for the Subleased Premises; (2) Subtenant shall accept the Expansion Space vacant and broom clean, but otherwise in its “as is” condition; (3) the sublease term applicable to Expansion Space shall be coterminous with the Term for the Subleased Premises and (4) Base Rent for Expansion Space shall be subject to abatement on the same terms and conditions contained hereinas provided in Section 6(d) below; provided that the length of the Abatement Period shall be prorated as of the commencement date for the Expansion Space based on the length of the Sublease Term as to the Expansion Space (e.g., except that (i) Base Rent if the Term of the Sublease as to the Expansion Premises is 60% of the original Term of this Sublease, then the Abatement Period for the Expansion Space shall be the fair rental value 4.2 months (60% of 7 months))and (5) provided Prime Landlord has provided its written consent, upon Subtenant’s exercise of the Expansion Space as Option pursuant to this section, the parties shall execute an amendment to this Sublease reflecting the terms set forth herein. For purposes of this Sublease, the date term “Expansion Option Conditions” shall mean: i) no Event of Landlord's noticeDefault has occurred and is then continuing at the time Subtenant delivers the Expansion Notice; and (ii) Tenant's Proportionate Share shall be increased, based upon Subtenant has not assigned the ratio Sublease nor subleased all or a part of the rentable square footage of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. Sublease Premises (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more other than 50% of the Premises to a party other than one controlling, controlled by or under common control with TenantPermitted Transferee); or (iiiii) Tenant shall be in default hereunder and such default shall Sublandlord did not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Spacedeliver a ROFR Notice to Subtenant for which Subtenant did not provide an Acceptance Notice.

Appears in 1 contract

Sources: Sublease Agreement (Ventyx Biosciences, Inc.)

Expansion Option. (a) If, at any time during Section 33.01. Subject to the Term, any space becomes available in the Building terms and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, conditions hereinafter set -------------- forth and provided that Tenant the lease is not in full force and effect and no event of default hereundershall have occurred which shall be continuing, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, option to lease such additional space in the Building (the "Expansion Space") as follows. Tenant shall have the option (the "Expansion Option") to lease the space on level 6 of Pod P described in Exhibit J hereto as hereinafter provided. The Expansion Option shall be exercisable by Tenant upon notice to Landlord given within six (6) months after the date of execution of this lease. If Tenant so exercises its Expansion Option as herein provided, such space shall be added to and constitute a part of the premises, and except as expressly otherwise hereinafter provided, subject to all the terms and conditions contained hereinof this lease. If Tenant delivers to Landlord the drawings, except that plans, specifications, and other detailed information which Tenant is required to submit to Landlord in accordance with Article 2.02 of Exhibit C, if applicable, containing all information required by Landlord to construct the Base Building Work for the Expansion Space, the Commencement Date, Expiration Date and free rent period as to the Expansion Space shall be the same as those for the initial Premises. If such drawings, plans, specifications, and other detailed information for the Expansion Space are not delivered by the respective dates specified in Article 2.02 of Exhibit C, if applicable, (i) the delivery date by Landlord of the Expansion Space with the Base Rent Building Work substantially completed shall have no effect upon the determination of the Commencement Date for the initial Premises; (ii) the Commencement Date and commencement of the seven-month free- rent period for the Expansion Space shall be the fair rental value earlier of (A) seven and one- half (7 1/2) months after the date on which Landlord delivers the Expansion Space to Tenant with the Base Building Work substantially completed, (B) the date of Tenant's occupancy of the Expansion Space for the conduct of its normal business operations, or (C) fifteen (15) days after (1) Tenant Build-out for the Expansion Space is substantially completed, and (2) the Communication Systems have been installed on the Building and Land, so as to permit Tenant to occupy the Expansion Space (and the initial Premises) and conduct its normal business operations therein, it being stipulated that Tenant agrees, subject to delay by force majeure as defined in Section 2.01(b), to exercise reasonable diligence to complete and install such Tenant Build-out and Communication Systems after Tenant is afforded access to the Land, Building, Premises and Expansion Space for such purpose; (iii) delays by Tenant as specified in Articles 6 and 7 of Exhibit C with respect to the date of LandlordExpansion Space shall operate to accelerate Tenant's noticeobligation to pay rental for the Expansion Space; and (iiiv) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage of The Expiration Date for the Expansion Space to shall coincide with the rentable square footage Expiration Date of the Buildinginitial Premises. Section 33.02. Landlord's notice Landlord shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of construct in the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided -------------- Base Building Work described in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Exhibit C-1 and Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right obligation to exercise its option make any other alterations, decorations, additions or improvements in or to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Space.

Appears in 1 contract

Sources: Sublease Agreement (Opnet Technologies Inc)

Expansion Option. Commencing on the Expansion Premises Commencement Date and continuing through the Expiration Date (a) If, at any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunder“Expansion Option Period”), Tenant shall have the rightright and option, exercisable upon written notice give subject and subordinate to Landlord within 15 days after receipt similar rights of Landlord's noticeother tenants in the Building existing as of the Execution Date (the “Expansion Option”), to lease such additional vacant space on the 2nd floor of the Building (the "Expansion Space"“Option Premises”) upon all for the remainder of the Lease Term, on the terms and conditions contained herein, except that (i) Base Rent for then in effect under the Lease. The Expansion Space Option shall be exercised only by written notice from Tenant to Landlord (the fair rental value “Expansion Notice”) not less than 60 days prior to the intended commencement date as to such space (the “Option Commencement Date”). Within 30 days of Tenant’s delivery of the Expansion Space Notice, Landlord and Tenant shall execute an amendment to the Lease adding the Option Premises to the Premises on the same terms and conditions as of set forth in the date of Landlord's notice; and Lease except as follows: (iia) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable The square footage of the Expansion Space to Premises shall be increased by the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereofOption Premises. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord The amendment shall be free effective as of the Option Commencement Date and the term of the Lease as to lease the Expansion Space to any party upon any terms and conditions Landlord Option Premises shall determine, from time to time during expire on the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such rightExpiration Date. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise Tenant’s Building Expense Percentage shall be void and of no effect, if: proportionally adjusted to include the Option Premises. (id) Landlord shall deliver the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Option Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Spaceits “as-is” condition.

Appears in 1 contract

Sources: Lease Agreement (Ikaria, Inc.)

Expansion Option. (ai) IfSubject to and upon the terms, at provisions and conditions set forth in this Section 9(a), Tenant shall have, and is hereby granted, a one-time option (the "EXPANSION OPTION") to lease those certain premises designated by Landlord (hereinafter sometimes called the "ADDITIONAL EXPANSION PREMISES") located on any time during the Term, any space becomes available in single floor selected by Landlord located between Floors 24 through 35 of the Building and if another tenant consisting of approximately 3,000 square feet of net rentable area (+/-10%), by written notice to Landlord exercised by Tenant within ten (10) days following the expiration of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunder, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space thirtieth (the "Expansion Space"30th) upon all the terms and conditions contained herein, except that (i) Base Rent for month following the Expansion Space Premises Commencement Date. If Tenant does not exercise the Expansion Option on or prior to such date, the Expansion Option shall be the fair rental value of the Expansion Space as of the date of Landlord's notice; and waived. (ii) Tenant's Proportionate Share shall The Expansion Option may be increased, based upon the ratio of the rentable square footage of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, exercised only if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of such exercise no event of default under the proposed commencement Lease exists (unless Landlord, in its sole discretion, elects to waive such condition). If such condition is not satisfied or waived by Landlord, any purported exercise thereof shall be null and void. (iii) If Tenant elects to exercise the Expansion Option, the Additional Expansion Premises shall be subject to all of the lease terms, covenants and conditions of this Lease except that the Base Rental with respect to the Additional Expansion Premises shall be the Market Base Rental Rate as determined by Landlord in accordance with the Lease. Tenant's obligation to pay rental for the Additional Expansion Premises shall commence on the date (the "ADDITIONAL EXPANSION RENTAL COMMENCEMENT DATE") that is the thirtieth (30th) day following Landlord's delivery of possession of the Additional Expansion SpacePremises to Tenant for construction of Leasehold Improvements desired by Tenant. (iv) If Tenant elects to lease the Additional Expansion Premises, Landlord will furnish the Additional Expansion Premises to Tenant, and Tenant will accept the Additional Expansion Premises, in its then current condition (I.E. "AS IS" and "WITH ALL FAULTS").

Appears in 1 contract

Sources: Lease Agreement (Pinnacle Global Group Inc)

Expansion Option. (a) If, at any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunder, Tenant shall have the right, exercisable subject to and upon written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space (the "Expansion Space") upon all the terms and conditions contained hereinof this Section 2.3, except to lease that (i) Base Rent for the Expansion Space shall be the fair rental value portion of the Expansion Space as Building comprised of the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the approximately 9,000 rentable square footage of feet and shown on Exhibit “A-1” attached hereto (the Expansion Space “Machine Shop Area”), currently leased to the rentable square footage of the BuildingTecnau. Landlord's Tenant may deliver written notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space to Landlord at the any time Tenant exercises its option to lease samebetween March 1, 2020 and December 31, 2021 exercising such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Machine Shop Area (the “Notice Period”), and in such case Landlord shall deliver the Machine Shop Area to Tenant, in vacant, broom clean condition, with the HVAC and other systems serving the Machine Shop Area in good working order, within one hundred and twenty (120) days after the date of such written notice to Landlord (the “Notice Period”), but in no event will such delivery occur prior to March 1, 2020. If Tenant timely delivers such notice, then the Expansion Space Premises shall be added to the Leased Premises and they shall be subject to all terms, conditions and covenants of the Lease; and minimum rent, and Tenant’s Pro Rata share shall be proportionately increased and adjusted in accordance with the increased square footage. Landlord will supply an additional Tenant Improvement allowance of $15 per square foot, pro-rated for the then remaining lease term. Within fifteen (15) days of such notice from Tenant, Landlord and Tenant shall execute and amendment to this Lease to memorialize such expansion. Provided that the Tecnau completes such relocation within the 15Notice Period and leaves the Machine Shop Area in broom-clean condition, Tenant will reimburse Landlord for Tecnau’s paid and documented relocation expenses up to $25,000. If Landlord has not delivered the Machine Shop Area in the condition required by this Section 2.3 within the Notice Period, and if such failure continues for an additional 15 days thereafter, then Tenant shall be entitled to a credit against Minimum Rent due only with respect to the Machine Shop Area on a day-by-day period as set forth abovebasis for each one (1) day thereafter until the Landlord delivers the Machine Shop Area to Tenant. If Tenant shall fail to timely give such notice on or before December 31, 2021, Tenant shall be deemed to have waived such right, and Landlord shall thereafter be free to lease the Expansion Space Premises to any party upon any such parties and on such terms and conditions as Landlord shall determinedetermine in its sole discretion, from time subject, however, to time during the Term, without any further obligation to Tenant under the Sectionprovisions of Section 2.4 below. Subsequent It shall be a condition to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no ’s right to exercise its the option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: Premises that Tenant (i) is not in default (beyond applicable notice and cure periods) under the named Tenant has assigned terms of this Lease or has at any time subleasedLease, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall has not have been cured at the time subleased twenty-five percent (25%) of the attempted exercise orLeased Premises, if such default occurs after Tenant's attempted exercise of and (iii) has not assigned the optionLease, at the time of the proposed commencement of the lease of the Expansion Spacein either case except in connection with a transaction permitted without Landlord’s consent under this Lease.

Appears in 1 contract

Sources: Lease (One)

Expansion Option. (a) IfA. Provided Tenant is not in default hereunder beyond the giving of notice and expiration of applicable grace periods expressly provided for in this Lease and this Lease shall be in full force and effect, then at any time during the Term, any space becomes available in first three (3) Lease Years from and after the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunderRent Commencement Date, Tenant shall have the rightcontinuous right and option (the “Expansion Option”) to lease the remaining vacant portions of the first (1st) floor or the second (2nd) floor of the of the Building as more particularly described on Exhibit F annexed hereto and made a part hereof (collectively the “Expansion Space”). Notwithstanding the foregoing, exercisable upon Tenant’s Expansion Option is subject to the superior rights of the following current tenants in the Building: ▇▇▇▇▇▇ & ▇▇▇▇▇▇▇, Marsulex Environmental Technologies, and Ikaria, Inc. B. Tenant shall have given written notice give to Landlord within 15 days after receipt of Landlord's notice, its intent to lease such additional space exercise the Expansion Option in accordance with Section 17.1 above (the "Expansion Space"Intent Letter”), which Expansion Intent Letter shall have been received by Landlord not less than thirty (30) days prior to the date Tenant wishes to occupy the Expansion Space within the first three (3) Lease Years from and after the Rent Commencement Date. C. If Tenant shall exercise the Expansion Option in accordance with the provisions of this Section, this Lease shall be amended to include the Expansion Premises upon all the terms terms, covenants, and conditions contained hereinin the Lease, except that (i) the Base Rent payable for the Expansion Space shall be the fair rental value of the Expansion Space as of the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage of the Expansion Space equal to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space then escalated rent under this Lease at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease takes possession of the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant the term for the Expansion Space and the Premises shall be in default hereunder and such default shall not have been cured at extended for a term of five (5) years from the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease date Tenant takes possession of the Expansion Space. D. Notwithstanding the provisions of the Section 19.27(B) above, in the event Tenant exercises the first Renewal Option, the Renewal Rental Rate for the Expansion Space and the Premises shall be equal to the then escalated rent under this Lease as of the commencement of the first Renewal Term, which rate shall escalate at the rate of $0.50 per annum.

Appears in 1 contract

Sources: Lease Agreement (Celldex Therapeutics, Inc.)

Expansion Option. (a) If, at Provided that Landlord has not given Tenant notice of a material non-monetary default or any time during the Term, any space becomes available monetary default more than four (4) times in the Building preceding 24-month period, that there then exists no Event of Default by Tenant under this Lease, and if another tenant that Tenant and Tenant’s Affiliates occupy all of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunderPremises, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, right and option to lease such additional the space in the Building adjoining the Premises, consisting of approximately 17,292 rentable square feet (the "Expansion Space"Premises”) upon all the terms as provided below in subsections 29(a)(i), (ii) and conditions contained herein(iii). The Existing Lease has a term ending March 31, except that 2008, with one twenty four (24) month renewal term ending March 31, 2010, requiring nine (9) months prior notice of renewal. (i) Base Rent for For so long as the Expansion Space Premises is subject to the lease existing on the date of this lease (the “Existing Lease”) under the initial term or renewal term (except as otherwise more specifically addressed in subsections 29(a)(ii) or (iii)), Tenant shall be have an option to lease the fair rental value Expansion Premises by providing written notice to Landlord, in which event the lease of the Expansion Space as of Premises shall commence on the date that is six (6) months following receipt of such notice by Landlord's notice; and . (ii) If the tenant under the Existing Lease (the “Existing Tenant's Proportionate Share ”) does not exercise the renewal option for the period April 1, 2008, through March 31, 2010, Landlord shall be increasedprovide a “notice of availability” to Tenant and Tenant shall have a period of fifteen (15) business days in which to lease the Expansion Premises by providing written notice to Landlord. If Tenant exercises this expansion option, based upon the ratio of the rentable square footage lease of the Expansion Space Premises shall commence upon the expiration of the Existing Lease. (iii) If the Existing Tenant does exercise the renewal option for the period April 1, 2008 through March 31, 2010, Tenant shall have an option to lease the Expansion Premises by providing written notice to Landlord not less than six (6) months prior to the rentable square footage expiration of the BuildingExisting Lease renewal term. Landlord's notice shall include a statement of Landlord's reasonable estimate of If Tenant exercises this expansion option, the fair rental value lease of the Expansion space. If the parties have not agreed Premises shall commence upon the fair rental value expiration of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereofExisting Lease. (b) If Tenant fails to exercise its option to The lease of the Expansion Space within Premises (and the 15-day period as set forth above, Landlord shall be free obligation of Tenant to lease pay Minimum Annual Rent and Operating Expenses for the Expansion Space to any party upon any terms and conditions Landlord Premises) shall determinecommence on the date provided in subsection 29(a)(i), from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant or (iii), as applicable, and shall be in default hereunder and such default shall not have been cured at end on the time of Expiration Date for the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed Premises. Upon commencement of the lease of the Expansion SpacePremises, the Expansion Premises shall be included in the “Premises” for all purposes, and this option, having been exercised, shall terminate. The Expansion Premises is leased to Tenant in its “as is” condition, and Landlord shall have no obligation to improve the Expansion Premises for Tenant’s occupancy. The Existing Tenant may remove the back-up power generator and refrigerated temperature controlled rooms and equipment, in addition to Existing Tenant’s personal property. Landlord shall deliver possession of the Expansion Premises to Tenant in broom clean condition, free and clear of all personal property of the Existing Tenant. Minimum Annual Rent shall be payable for the Expansion Premises as follows: 1 $ 6.22 $ 107,556.24 $ 8,963.02 2 $ 6.29 $ 108,766.68 $ 9,063.89 3 $ 6.37 $ 110,150.04 $ 9,179.17 4 $ 6.53 $ 112,916.76 $ 9,409.73 5 $ 6.70 $ 115,856.40 $ 9,654.70 6 $ 6.87 $ 118,796.04 $ 9,899.67 7 $ 7.04 $ 121,735.68 $ 10,144.64 8 $ 7.21 $ 124,675.32 $ 10,389.61 9 $ 7.38 $ 127,614.96 $ 10,634.58 10 $ 7.57 $ 130,900.44 $ 10,908.37 provided, however, that: (i) If the Lease of the Expansion Premises commences during the period: 10/1/05-9/30/06, then Annual Minimum Rent shall be$6.50 per square foot through 9/30/06; or 10/1/06-9/30/07, then Annual Minimum Rent shall be $6.75 per square foot through 9/30/07; or 10/1/07-3/31/08 , then Annual Minimum Rent shall be $7.00 per square foot through 3/31/08. (ii) If Existing Tenant exercises its one renewal option for twenty-four (24) months, and if the Lease of the Expansion Premises commences during the period: * The end of each Lease Year for the Expansion Premises shall correspond with the end of each Lease Year for the initial Premises.

Appears in 1 contract

Sources: Lease Agreement (Novavax Inc)

Expansion Option. Landlord hereby grants to Tenant an option (athe “Option”) Ifto lease the adjoining contiguous space (Suites 106 and 107) containing 8850 rentable square feet (“Option Space”), which option shall begin on the Commencement Date and shall expire, if not sooner exercised, at any time during the Term5:00 p.m. (est.) on April 1, any space becomes available in the Building and if another tenant 2001. To exercise this Option, Tenant must provide written notice to Landlord not later than April 1, 2001 of its exercise of the Building has not exercised a superior right Option to lease such space, the Option Space in which event Landlord shall so notify Tenant in writing and, provided make all necessary leasehold improvements thereto at Landlord’s cost and expense providing that Tenant is not shall be required to reimburse Landlord before occupancy for the cost thereof in default hereunder, excess of $24.00 per square foot. Tenant shall have the right, exercisable upon written notice give agrees to pay to Landlord within 15 days after receipt together with the Base Rent, the monthly sum of Landlord's notice, to lease such additional space (the "Expansion Space") upon all the terms and conditions contained herein, except that $3871.88 plus sales tax thereon until either (i) Base Tenant has exercised the Option and Landlord has completed the leasehold improvements thereto in which event the Rent for the Expansion Space shall be the fair rental value of the Expansion Space same per square foot rent as of the date of Landlord's noticeset forth in this Addendum above; and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage of the Expansion Space ’s rights to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties Option Space have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenantterminated; or (iiiii) Tenant shall be has cancelled the Option by furnishing not less than ninety (90) days prior written notice of such termination and has vacated the Option Space. From the Commencement Date until July 1, 2001, Tenant may use the option space for storage purposes and for no other purpose. If Tenant has not exercised the Option in default hereunder and such default shall not have been cured at accordance herewith, Tenant’s right to use the time Option Space for storage will terminate effective on midnight July 1, 2001. THIS FIRST AMENDMENT TO LEASE is entered into as of the attempted exercise or28th day of November, if such default occurs after 2001, by and between HGL PROPERTIES L.P., LTD., a Florida limited partnership (“Landlord”), and NATIONAL MORTGAGE CENTER, LLC, a Delaware limited liability company (“Tenant's attempted exercise of ”). All terms not otherwise defined herein shall have the option, at meaning assigned to them in the time of the proposed commencement of the lease of the Expansion Space“Lease” (defined below).

Appears in 1 contract

Sources: Lease Agreement (EverBank Financial Corp)

Expansion Option. (a) If28.1 Provided no Event of Default exists and the Lease is in full force and effect, by giving Landlord written notice, if at any time during all, on or before the Termlast day of the 45th Lease Month, any space becomes available in subject to existing rights of other tenants of the Building and if another tenant of the Building has not exercised a superior right subject to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunderavailability, Tenant shall have the rightoption to expand the Premises (the “Expansion Option”), exercisable upon as provided herein. Tenant may exercise the Expansion Option, if at all, by giving Landlord written notice give (“Expansion Notice”) specifying the approximate number of additional square feet in the Building that Tenant desires to lease. In the event that Tenant exercises the Expansion Option, the “Expansion Space” shall be at a location in the Building agreed upon by Landlord within 15 and Tenant. In the event that Tenant timely exercises the Expansion Option and the location of the Expansion Space is agreed upon by Landlord and Tenant, then thirty (30) days after receipt of LandlordTenant's notice, to lease such additional space exercise (the "Expansion Space") upon all the terms and conditions contained hereinSpace Commencement Date”), except that (i) Base Rent for the Expansion Space shall be added to, and constitute part of, the fair rental value “Premises” leased hereunder, and the same shall be leased upon and subject to the same terms, provisions and conditions as are applicable to the other portions of the initial Premises for the remainder of the Term of the Lease, except as provided in this Article. In lieu of three (3) months of rent abatement, Tenant shall be entitled to the number of days of Base Rent abatement equal to ninety (90) multiplied by a fraction, the numerator of which shall be the number of days between the Expansion Space Commencement Date and the Expiration Date, and the denominator of which shall be the number of days between the Lease Commencement Date and the Expiration Date (the “Proration Fraction”). Tenant shall accept the Expansion Space “as is” and Landlord shall not be required to perform any work therein; however, Landlord shall provide Tenant a construction allowance to reimburse Tenant for the cost of construction performed by Tenant in the Expansion Space in an amount equal to $26.00 multiplied by the number of square feet in the Expansion Space multiplied by the Proration Fraction. Promptly after Tenant exercises the Expansion Option, Landlord and Tenant shall execute an amendment to this Lease confirming the increase in the square footage of the date of Landlord's notice; Premises and all matters incident thereto (ii) such as an increase in Tenant's Proportionate Share shall be increased, based upon the ratio and Base Rent and a workletter to address payment of the rentable square footage construction allowance); however, the failure of the parties to timely execute such amendment shall not defer the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned Commencement Date or otherwise invalidate this Lease or has at any time subleasedaffect the parties' rights or obligations hereunder. In the event demising work is necessary to accommodate Tenant's exercise of its Expansion Option, in the aggregate, more than 50% then Landlord shall build a Building standard multi-tenant corridor (including without limitation construction of a demising wall and separation of the Premises to a party corridor from electrical, fire/life safety, HVAC, and other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant systems serving the Premises). The cost of such demising work shall be in default hereunder borne equally by Landlord and Tenant, provided that Tenant may use the construction allowance to pay for Tenant's share of such default work. Furthermore, Tenant (and not Landlord) shall not have been cured at be responsible for drywall and finish on the time side of the attempted exercise or, if such default occurs after Tenant's attempted exercise of corridor located within the option, at the time of the proposed commencement of the lease of the Expansion SpacePremises.

Appears in 1 contract

Sources: Office Lease Agreement (Wells Real Estate Fund Xi L P)

Expansion Option. (a) If, at any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunder, Tenant shall have the right, exercisable upon written notice give right to enlarge the area of the Premises by a minimum of 6,000 additional square feet of rentable area. In the event Tenant notifies Landlord within 15 days after receipt ("Expansion Notice") of Landlord's notice, its desire to lease such a minimum of 6,000 additional square feet of rentable area, Landlord shall use reasonable efforts to deliver said additional space (the "Expansion Space") upon all either in the Tenant's existing Building or another building within Westmoor Technology Park as determined by Landlord, within nine (9) months of the receipt of Tenant's notice. Upon delivery of the Expansion Space the terms and conditions contained hereinof the Lease shall be modified as follows: A. The term of the Lease for the Expansion Space shall be five (5) years. B. If the Expansion Space is within the Building and the Expansion Notice is delivered within the first eighteen (18) months of the Lease Commencement Date, except that (i) the Base Rent for the Expansion Space shall be the fair rate then in effect for the existing Premises and the Tenant Improvement Allowance shall be the same as for the Premises, provided the expansion occurs in space not previously leased. C. The term of the Lease for the existing Premises shall be extended so as to be coterminous with the term of the Lease for the Expansion Space. The Base Rent for the Expansion Space shall be as provided for under this Lease for the Premises. If however, the Expansion Space has previously been occupied, the Tenant Improvement Allowance shall be the then equivalent to that which is being given for comparable space being leased within the Park at comparable rental value rates. D. If the Expansion Notice is received after the first eighteen (18) months of the Primary Lease Term or the expansion occurs at any time in a building within Westmoor Technology Park other than the Building, the Base Rental Rate shall be the then current market rate being charged for the Expansion Space as determined by Landlord. E. The Expansion Notice shall be delivered no later than twelve (12) months prior to the expiration of the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereofPrimary Lease Term. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Space.

Appears in 1 contract

Sources: Lease (Channelpoint Inc)

Expansion Option. (a) IfSubject to the provisions hereinafter set forth,Landlord hereby grants to Tenant the option to lease, at any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunder, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space (the "Expansion Space") upon all on the terms and conditions contained hereinhereinafter set forth, except that space (the “Expansion Space”) within the area on the 25th floor of the Building shown on Exhibit I to this Lease (the “Total Expansion Space”), the exact area, configuration and location of the Expansion Space and the date of commencement of the term of the demise with respect to the Expansion Space (the “Expansion Space Commencement Date”) to be designated by Landlord within the parameters set forth below. (a) Landlord shall determine the portion of the Total Expansion Space to be made available for lease by Tenant as the Expansion Space (without regard to whether other portions of the Total Expansion Space may also be available for leasing) and the Expansion Space Commencement Date, subject to the following conditions: (i) the area of the Expansion Space shall be 10,000 square feet of Rentable Area, plus or minus 20%; (ii) the Expansion Space shall include the portion of the 25th floor of the Building where an existing staircase connects . the 24th and 25th floors, unless such portion of the 25th floor has been leased by Tenant pursuant to its right to lease First Offer Space or otherwise leased by Tenant; and (iii) the Expansion Space Commencement Date shall fall within the period commencing on the first day of the sixth Lease Year and ending on the last day of the sixth month of the seventh Lease Year. (b) Tenant’s option to lease the Expansion Space shall be exercisable by written notice from Tenant to Landlord of Tenant’s election to exercise said option given not earlier than the first day of the fifth Lease Year and not later than the last day of the sixth month of the fifth Lease Year, time being of the essence. If Tenant’s option is not so exercised, said option shall thereupon terminate and Tenant shall not thereafter have any right to lease any portion of the Total Expansion Space pursuant to this expansion option. Tenant may not elect to lease less than the entire area of the. Expansion Space designated by Landlord! (c) Landlord shall give Tenant written notice of the location and Rentable Area of the Expansion Space, the Expansion Space Commencement Date, and the Market Rental Rate for the Expansion Space within sixty (60) days after Tenant’s exercise of its option to lease the Expansion Space. (d) Tenant may only exercise said option, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise of said option and on the Expansion Space.Commencement Date this lease is in full force and effect and tenant is not in Default under this lease, and (inasmuch as said option is intended only for the benefit of the original Tenant named in this lease and any Tenant Successors and Tenant Affiliates) at least 45,000 square feet of Rentable Area of the Premises is occupied by the original Tenant named herein or a tenant Successor or Tenant Affiliate, this lease has not been assigned other.’than to a Tenant Successor or Tenant Affiliate, not more than 15,000 square . feet of Rentable Area of the Premises is subject to subleases other than subleases to Tenant Successors or Tenant Affiliates, and Landlord has not terminated this lease as to any part ... , of the Premises pursuant to Section 15 above. Without limitation of the. foregoing, no sublessee, and no assignee other man a tenant Successor or tenant Affiliate, shall be entitled to exercise said; option, and no exercise of said option by the original tenant • named herein or a Tenant Successor or Tenant Affiliate shall be effective in the event said . Tenant or Tenant Successor or tenant Affiliate assigns this lease prior to the Expansion Space Commencement Date other than to a Tenant Successor or Tenant Affiliate or more than 15,000 square feet of Rentable Area of the Premises is subject to subleases other than subleases to Tenant Successors or Tenant Affiliates as of the Expansion Space Commence-ment Date or Landlord terminates this lease as to any part of the Premises pursuant to Section 15 above prior to, the Expansion Space Commencement Date. . (e) If Tenant has validly exercised its option to lease the Expansion Space, then effective as of the Expansion Space Commencement Date the Expansion Space shall be included in the Premises, subject to all of the terms, conditions and provisions of this lease, except that: (i) Base Rent per square foot of Rentable Area for the Expansion Space shall be equal to the Market Rental Rate for the Expansion Space; (ii) the Rentable Area of the Premises shall be increased by the Rentable Area of the Expansion Space; (iii) the term of the demise covering the Expansion Space shall commence on the Expansion Space Commencement Date and shall expire simultaneously with the expiration or earlier termination of me Term of this tease, including any extension or renewal thereof; and (iv) the Expansion Space shall be rented in its “as is” condition as of the Expansion Space Commencement Date (inasmuch as tenant improvement work, allowances, and time for construction of tenant improvements, if any, will be reflected in the Market Rental Rate pursuant to Section 38 below). (f) If Tenant has validly exercised its option to lease the. Expansion Space, within thirty (30) days after request by other party hereto landlord and Tenant shall enter into a written amendment to this lease confirming the terms, conditions and. provisions applicable to the Expansion Space as determined in accordance herewith. • (g) If Tenant has validly exercised its option to lease the Expansion Space, Landlord shall use reasonable efforts to deliver possession of the Expansion Space on the Expansion Space Commencement Date, but, notwithstanding the provisions of Section 36(a)(iii) above, in the event Landlord should be unable for any reason to deliver possession of the Expansion Space on the Expansion Space Commencement Date, Landlord shall not be subject to any liability for failure to deliver possession. Such failure to deliver possession.shall not affect either the validity of this lease:or the obligations of either Landlord or Tenant hereunder or be construed to extend the expiration of the Term of this lease either as to the Expansion Space or the balance of the Premises; provided, however, that under such circumstances, rent shall not commence as to the Expansion Space until Landlord is able to deliver possession, and Base Rent for the Expansion Space shall be adjusted to reflect the fair rental value reduction in the length of the Expansion Space as term of the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage the. lease of the Expansion Space to the rentable square footage extent that the length of such term had an effect on the computation of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of Market Rental Rate for the Expansion Space. (h) In the event the portion of the Total Expansion Space which includes an existing staircase connecting the 24th and 25th floors of the Building is leased to Tenant other than pursuant to the expansion option described herein; such portion of the total Expansion Space shall thereupon be deleted from the Total Expansion Space and the minimum area which Landlord may designate as the Expansion Space pursuant to Section 36(a)(i) above shall be reduced by the Rentable Area of such portion of the Total Expansion Space.

Appears in 1 contract

Sources: Office Lease (EMAK Worldwide, Inc.)

Expansion Option. (a) If, at any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunder, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, right to lease such from Landlord additional space on the first floor of the Building consisting of approximately 10,000 rentable square feet of space (in a single block of space) to be designated by Landlord (the "First Floor Expansion Space") upon all the terms and conditions contained herein), except provided that (i) Base Rent on or before the date that is one hundred twenty (120) days after the Commencement Date for the Phase I Premises, Tenant shall give Landlord written notice of its election to lease the First Floor Expansion Space, and (ii) at the time of such notice and on the Commencement Date for the First Floor Expansion Space, Tenant satisfies the Exercise Conditions, Tenant hereby agreeing that if Tenant fails to satisfy the Exercise Conditions as of the date of such notice, or as of the Commencement Date for the First Floor Expansion Space, Tenant's rights under this Section 2.5 shall expire and be of no further force and effect. Upon receipt of any such notice, Landlord and ▇▇▇▇▇▇ will prepare plans for the First Floor Expansion Space and Landlord shall improve the First Floor Expansion Space using the construction procedures described in Section 4.1, and the Tenant Allowance and occupancy procedures described in Sections 4.2 and 4.3. The Commencement Date for the First Floor Expansion Space shall be the fair rental value earlier to occur of the Expansion Space as of the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleaseddate on which the First Floor Expansion Space is Ready for Occupancy, as such term is defined in the aggregateSection 2.2, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) the date on which Tenant shall be begins to conduct business operations in default hereunder and such default shall not have been cured at the time any portion of the attempted exercise orFirst Floor Expansion Space. Upon the Commencement Date for the First Floor Expansion Space, if such default occurs after the First Floor Expansion Space will be included as part of the Premises, and the Tenant's attempted exercise of Percentage, Base Rent, Rentable Square Feet in the option, at the time of the proposed commencement of the lease of the Expansion SpacePremises and Tenant's Parking Spaces will be appropriately increased.

Appears in 1 contract

Sources: Office Lease (Axent Technologies Inc)

Expansion Option. (a) IfLandlord presently owns the property lying easterly of the Property and commonly known as 3▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ (the “Expansion Property”). The Expansion Property is presently operated as a commercial warehouse facility, but it is also Landlord’s present intention to redevelop the Expansion Property as a biotechnology facility during calendar year 2005, and Landlord agrees to undertake such redevelopment, subject to the conditions set forth in this Section 6.3, in order to accommodate any proper exercise of Tenant’s rights under this Section 6.3. Tenant shall have a one-time option (the “Expansion Option”), exercisable only in accordance with this Section 6.3, to lease a minimum amount of at least 100,000 square feet of redeveloped biotechnology space on the Expansion Property; provided, however, that the Expansion Option shall not apply if Tenant is in default under this Lease (beyond any applicable notice and cure periods) on the date the Expansion Option is exercisable. The exact size and location of the space subject to the Expansion Option within the Expansion Property (the “Expansion Space”) shall be mutually agreed upon in writing by Landlord and Tenant, subject to the minimum size of 100,000 square feet as specified above, after Landlord has approved a final design and site plan for the redevelopment of the Expansion Property. If Tenant notifies Landlord in writing, at any time during least seventy-five (75) days prior to the Termdate the Expansion Option must be exercised, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is considering exercise of the Expansion Option (which notice may be given by Tenant in its sole and absolute discretion), then (i) Landlord agrees to adopt and approve a final design and site plan for the redevelopment of the Expansion Property at least forty-five (45) days prior to the date the Expansion Option must be exercised, in order to allow a reasonable time for the parties to reach mutual agreement regarding the size and location of the Expansion Space in a timely manner and (ii) Landlord and Tenant agree to negotiate diligently, reasonably and in good faith to reach such an agreement regarding the size and location of the Expansion Space at least fifteen (15) days prior to the date the Expansion Option must be exercised. (b) The Expansion Option shall be exercisable only by written notice from Tenant to Landlord no later than March 1, 2005, and only if Tenant is not then in default hereunderunder this Lease (beyond any applicable notice and cure periods). Such written notice (the “Exercise Notice”) shall state that Tenant is exercising the Expansion Option hereunder and shall state specifically the phasing (if any) pursuant to which Tenant proposes to occupy the Expansion Space, Tenant subject to the limitations hereinafter set forth. Upon timely giving of a timely Exercise Notice by Tenant, (i) Landlord shall have proceed with reasonable diligence and with commercially reasonable efforts to obtain all governmental approvals required for the rightconstruction of the Expansion Space, exercisable including, but not limited to, any governmental approvals required for the redevelopment of the Expansion Property to accommodate the construction of the Expansion Space (provided that if Landlord is unable, despite the exercise of reasonable diligence and commercially reasonable efforts, to obtain all such required governmental approvals within six (6) months after delivery of Tenant’s Exercise Notice, then upon written notice give thereof by either party to Landlord within 15 days after the other, Tenant’s Exercise Notice shall be deemed to be rescinded and the Expansion Option shall be of no further force or effect) and (ii) subject to the receipt of Landlord's noticesuch required governmental approvals, to lease such additional space (the "Expansion Space") upon all the terms and conditions contained herein, except that (i) Base Rent for the Expansion Space shall be leased to Tenant on the fair rental value following terms (and on the additional terms and provisions set forth in this Lease, except for Article 6 hereof and except to the extent inconsistent with the terms specified in this Section 6.3): The Expansion Space shall, at Tenant’s election as set forth in the Exercise Notice, be leased and occupied either all at once, with a single Rent Commencement Date, or in two separate phases, with the first phase having a minimum size of at least fifty percent (50%) of the total Expansion Space and the second phase constituting the balance of the Expansion Space. The Rent Commencement Date for the Expansion Space (or for the first phase thereof, if applicable) shall be determined in the same manner as provided in Section 2.1 hereof (180 days after Landlord’s delivery of a Structural Completion Certificate, subject to any adjustments applicable under the Workletter, or on the date Tenant takes occupancy of and commences operation of its business in the applicable space, whichever occurs first), provided that such Rent Commencement Date shall not occur prior to December 1, 2006 unless triggered at an earlier date by Tenant’s occupancy of and commencement of operation of its business in the applicable space or unless an earlier date is mutually agreed upon by Landlord and Tenant. If Tenant elects to take down the Expansion Space in two phases as provided above, then the Rent Commencement Date for the second phase of the Expansion Space shall occur on the earlier of December 1, 2007 or the date Tenant actually occupies and commences operation of its business in the second phase of the Expansion Space, unless an earlier date is mutually agreed upon by Landlord and Tenant. Landlord shall perform the equivalent of Landlord’s Work (as defined in the Workletter) at its sole cost and expense, for the Expansion Space, subject to such modifications of the scope and definition of Landlord’s Work as are consistent with Landlord’s design, plans and specifications for the other buildings and facilities to be constructed on the Expansion Property, and Tenant shall be entitled to a Tenant Improvement Allowance of One Hundred Thirty-Five and No/100 Dollars ($135.00) per square foot for the Expansion Space. The minimum monthly rental commencing as of the date of Landlord's notice; and Rent Commencement Date for the Expansion Space (iior for the first phase thereof, if applicable) Tenant's Proportionate Share shall be increased$4.43 per square foot per month, based upon the ratio with annual escalations thereafter on each anniversary of such Rent Commencement Date in an amount equal to three percent (3.0%) of the rentable square footage rental rate in effect immediately prior to the applicable escalation date. If Tenant elects to take down the Expansion Space in two phases as provided above, then the minimum monthly rental applicable to the second phase as of the Rent Commencement Date for such second phase shall be equal to the minimum monthly rental rate then in effect for the first phase, and the minimum monthly rental rate for the second phase shall thereafter at all times be equal to the minimum monthly rental rate in effect for the first phase from time to time, as escalated in accordance with the foregoing provisions. Tenant’s Operating Expense obligations with respect to the Expansion Space shall be determined in a manner both similar to and proportional to the Operating Expense obligations of other tenants of the Expansion Space to Property, depending on whether, in Landlord’s discretion, the rentable square footage of Expansion Property is combined with the BuildingCenter for Operating Expense purposes or is operated on a stand-alone basis for such purposes, and if operated on a stand-alone basis, whether the Expansion Property is operated on a project-wide basis for Operating Expense purposes or the respective buildings within the Expansion Property are operated in whole or in part on a stand-alone basis for such purposes. Landlord's notice shall include Following a statement of Landlord's reasonable estimate of the fair rental value timely exercise of the Expansion space. If Option by Tenant, the parties have not agreed upon shall promptly (and in all events within ten (10) business days after delivery of Tenant’s Exercise Notice) execute a lease amendment or other written agreement reflecting the fair rental value of terms applicable to the Expansion Space at as set forth above and reflecting all other terms and provisions of this Lease not inconsistent with the time terms set forth above, except for Article 6 hereof and except as the parties may otherwise mutually agree. If Tenant exercises its option does not validly and timely exercise the Expansion Option in accordance with this Section 6.3 or if the parties do not timely enter into such a lease amendment or other written agreement with respect to lease samethe Expansion Space, such value then the Expansion Option shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option of no further force or effect and Landlord shall thereafter have the right to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease and the Expansion Space to Property at any party upon any terms time and conditions Landlord shall determine, from time to time during the Termto such persons or entities and on such terms as Landlord in its sole discretion may deem appropriate, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such rightlimitation or restriction hereunder. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion Space.

Appears in 1 contract

Sources: Sub Sublease (Assembly Biosciences, Inc.)

Expansion Option. Subject to the provisions hereinafter set forth, Landlord hereby grants to Tenant the option to lease additional space in the Building (the “Expansion Space”). (a) If, at any time during the Term, any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided Provided that Tenant is not in default hereunderunder this Lease beyond the expiration of any notice and/or grace period, Tenant shall have the rightmay, exercisable upon by delivery of written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space (the "Expansion Space") upon all the terms and conditions contained herein, except that (i) Base Rent for the Expansion Space shall be the fair rental value of the Expansion Space as of on or before the date of Landlord's notice; and which is forty-five (ii45) Tenant's Proportionate Share shall be increased, based upon full calendar months after the ratio of the rentable square footage of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option Commencement Date elect to lease the Expansion Space, and any attempted exercise which notice shall specify the number of square feet of additional rentable area desired to be leased by Tenant. Tenant’s failure to elect to lease the Expansion Space on or before such date shall be void deemed a waiver of Tenant’s rights under this Article 33. (b) The Expansion Space shall consist of up to the number of square feet of rentable area in the Building not constituting the Premises or leased to, or subject to existing rights (e.g., expansion rights) held by, or involved in negotiations with, another tenant or prospective tenant, and shall be located on a floor or floors, and have a configuration, designated by Landlord. (c) If Tenant elects to lease the Expansion Space, the Expansion Space shall be added to and become a part of no effectthe Premises for all purposes under this Lease, if: except as follows: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% The term of the Premises to a party other than one controlling, controlled by demise of the Expansion Space shall commence on the date which is three (3) months following Landlord’s receipt of Tenant’s election notice (the “Expansion Date”) and shall expire simultaneously with the expiration or under common control with Tenant; or earlier termination of the Term of the Lease. (ii) Tenant Tenant’s Proportionate Share shall be increased by the percentage calculated by dividing the rentable square feet of the Expansion Space by the rentable square feet of the Building. (iii) The annual Base Rent rate per square foot of rentable area of the Expansion Space shall be equal to the “Prevailing Market Rental”, as determined in default hereunder accordance with paragraph 33(d) below. (iv) The Expansion Space will be accepted by Tenant in their then-existing “as-is” condition. (v) Landlord shall have no obligation to offer tenant concessions. (d) For purposes of this Lease, the “Prevailing Market Rental” shall be the Base Rent that the Expansion Space would be expected to be leased for, for a term commencing on the Expansion Date and such default shall not have been cured ending on the Termination Date, in their then-existing condition, in an arms-length transaction between a willing landlord and tenant in the office market existing at the time such rate is established. Such determination shall include consideration of (A) the size, location, area, view and nature and condition of the attempted exercise orimprovements in the Expansion Space and (B) other comparable leasing transactions in the geographical area in which the Expansion Space is located, if including renewals and new leases (with appropriate adjustments for different size premises and different length terms), and the rents, and tenant concessions in such default occurs after transactions. Tenant and Landlord shall make an effort in good faith to agree on the Prevailing Market Rental (the “Outside Negotiation Date”) on or before thirty (30) days following Tenant's attempted exercise ’s election to expand. If Landlord and Tenant are unable to agree upon the Prevailing Market Rental on or before the Outside Negotiation Date, Landlord and Tenant shall each, within fifteen (15) days thereafter, appoint a real estate appraiser who is a member of the option, at American Institute of Real Estate Appraisers (or its equivalent) to assist in the time determination of the proposed commencement Prevailing Market Rental, and the two appraisers shall appoint a third appraiser who is also a member of the lease American Institute of Real Estate Appraisers (or its equivalent). The Prevailing Market Rental shall be determined by the agreement of any two of such three appraisers, which determination shall be made not later than thirty (30) days thereafter. Landlord and Tenant shall each bear the costs and fees of their respective appraisers and shall share equally the cost of the Expansion Spacethird appraiser.

Appears in 1 contract

Sources: Office Lease (Geovera Insurance Holdings, Ltd.)

Expansion Option. (a) IfSubject to the terms and conditions of this Section 2.5 and subject to the pre-existing rights of Transystems, at any time during the TermInc., any space becomes available in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunderas shown on Exhibit FO, Tenant shall have the rightright to expand the Premises to include 16,640 rentable square feet of space on the first floor of the Building, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's noticein the location shown on Exhibit FP-1 (“Expansion Premises”), to lease such additional space (the "Expansion Space") upon all the terms provided and conditions contained herein, except on condition that (i) Base Rent for this Lease is in full force and effect, (ii) no Default of Tenant shall have occurred and be continuing (either at the time of exercise or at upon the Expansion Space Premises Commencement Date), (iii) Tenant shall not have assigned this Lease or vacated or sublet more than 20,000 rentable square feet in the Premises, other than in connection with a transfer for which Landlord’s consent is not required under Article VI (any of which conditions described in clauses (i), (ii), and (iii) may be waived by Landlord at any time in Landlord’s sole discretion). If Tenant shall give Landlord written notice no later than the fair rental value date that is twelve months after the date of this Lease electing to so expand the Premises, then Landlord shall deliver possession of the Expansion Space Premises to Tenant on the Expansion Premises Commencement Date (as of defined below). If Tenant shall fail to timely deliver such notice electing to so expand the date of Landlord's notice; and (ii) Tenant's Proportionate Share Premises, Tenant shall be increaseddeemed to have waived such right, based upon the ratio of the rentable square footage and Landlord shall thereafter be free to lease all or any portion of the Expansion Space Premises to such parties and on such terms as Landlord shall determine in its sole discretion, subject to the rentable square footage provisions of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof2.6 below. (b) If Tenant fails to exercise its option to lease Promptly after the Expansion Space within the 15-day period as set forth abovedate of Tenant’s notice, Landlord shall be free commence and use commercially reasonable efforts to lease perform certain improvements to the Expansion Space Premises in order to any party upon any fit out the space in accordance with a Building standard level of finish consistent with the level of finish for Landlord’s Work in the remainder of the Premises, and a ratio of twenty percent (20%) office space to eighty percent (80%) open space. Such work shall be performed in accordance with and subject to the requirements for Plans, timing of Landlord’s Work, Tenant Delay, punchlist, warranty, and other requirements applicable to the initial Premises set forth in Article IV below. The date that Landlord has substantially completed such work and delivered the Expansion Premises to Tenant is hereinafter referred to as the “Expansion Premises Commencement Date”. Landlord shall use commercially reasonable efforts to deliver the Expansion Premises to Tenant on or before the date that is five (5) months after the date of Tenant’s notice. As of the Expansion Premises Commencement Date, the Premises under this Lease shall be expanded to include the Expansion Premises. Once incorporated into the Premises, Tenant’s rights and obligations with respect to the Expansion Premises shall be subject to and with the benefit of all of the terms and conditions Landlord shall determineof this Lease, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, ifexcept that: (i) the named Basic Rent per square foot applicable to the Expansion Premises shall equal the Basic Rent per square foot for the remainder of the Premises; (ii) the Term of the Lease with respect to the Expansion Premises shall be coterminous with the remainder of the Premises; (iii) Tenant has assigned shall commence payment of such additional amount of Basic Rent with respect to the First Expansion Premises on the Expansion Premises Commencement Date; and (iv) the Escalation Factor shall be revised to reflect the addition of the Expansion Premises to the Premises in accordance with the Escalation Factor Computation. Promptly after the Expansion Premises Commencement Date, Landlord and Tenant agree to enter into an amendment to this Lease or has at any time subleasedmemorializing the addition of the Expansion Premises to this Lease and the amendment to the applicable defined terms hereunder, in including, without limitation, Premises, Basic Rent, Term and Escalation Factor, but failure of the aggregate, more than 50% parties to execute such an amendment shall have no effect on the expansion of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of include the Expansion SpacePremises, and the economic terms associated therewith, as set forth above.

Appears in 1 contract

Sources: Lease Agreement (First Marblehead Corp)

Expansion Option. 1. Subject to and upon the terms, provisions and conditions set forth in this Exhibit I, Tenant shall have, and is hereby granted, a one time option (athe “Expansion Option”) Ifto lease those certain premises (hereinafter sometimes called the “Expansion Premises”) located on Floor 8 of the Building and consisting of approximately 16,017 Rentable Square Feet, at any as reflected on the floor plan attached hereto and made a part hereof for all purposes as Exhibit I-1 by written notice to Landlord no later than October 1, 2004. If Tenant exercises the Expansion Option and rents the entire 8th Floor of the Building, the 8th Floor shall be deemed to have 33,732 Rentable Square Feet. If Tenant does not exercise the Expansion Option within the required time during period, the TermExpansion Option shall be deemed waived. In addition to the foregoing, any space becomes available Expansion Option shall automatically terminate, if not previously exercised, thirty (30) days after Landlord has advised Tenant, in writing, that Landlord has leased 94,000 Rentable Square Feet of the approximately 140,000 Rentable Square Feet in the Building and if another tenant of the Building has not exercised a superior right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant which is not in default hereunder, Tenant shall have the right, exercisable upon written notice give to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space (the "Expansion Space") upon all the terms and conditions contained herein, except that (i) Base Rent for the Expansion Space shall be the fair rental value of the Expansion Space as of the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured vacant at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise execution of the optionthis Lease. 2. The Expansion Option may be exercised only if, at the time of such exercise and at the proposed commencement time of the lease Landlord’s delivery of the Expansion SpacePremises to Tenant (a) no Event of Default exists and (b) Tenant is in possession of the entire Premises. If such condition(s) are not satisfied, any purported exercise of the Expansion Option shall be null and void. No assignee of Tenant or sublessee of the Premises may exercise the Expansion Option other than an assignee of Tenant pursuant to a Permitted Transfer (defined in Section 8.1(A) of the Lease), however this provision shall not prevent Tenant from exercising the Expansion Option to enable a sublessee pursuant to a Permitted Transfer (defined in Section 8.1(A) of the Lease to utilize the Expansion Premises. 3. If Tenant elects to exercise the Expansion Option, the Expansion Premises shall be subject to all of the terms, covenants and conditions of this Lease. Tenant’s obligation to pay the Rent for the Expansion Premises shall commence on the date (the “Expansion Rental Commencement Date”) Landlord receives a temporary certificate of occupancy or a certificate of occupancy for the Expansion Premises and tenders possession of the Expansion Premises to Tenant, subject to the completion of items on the Punch List (defined in Exhibit I-2) and subject to adjustment as a result of Tenant Delay (defined in Exhibit I-2) as provided in Exhibit I-2, and shall expire on the Lease Term.

Appears in 1 contract

Sources: Lease Agreement (CHG Healthcare Services, Inc.)

Expansion Option. From the Effective Date until March 31, 2027 (“Expansion Option Exercise Date”), Landlord hereby grants Tenant the right to expand (“Expansion Option”) into Suite B-230. Suite B-230 is subject to a lease with another tenant (the “Existing Lease”). Landlord shall (a) Ifnot, at any time during prior to the Term, any space becomes available in Expansion Option Exercise Date: extend or renew the Building and if another tenant term of the Building has Existing Lease; (b) use commercially reasonable efforts to not exercised a superior permit the existing tenant under the Existing Lease to remain in possession of Suite B-230 beyond the expiration of the term of the Existing Lease; (c) not permit any other party any right of occupancy to Suite B-230 prior the Expansion Option Exercise Date; (d) not market, offer for lease, or accept any offers for lease or occupancy of Suite B-230 prior the Expansion Option Exercise Date; and (e) not knowingly take any other action that would interfere with ▇▇▇▇▇▇’s right to lease such space, Landlord shall so notify Tenant in writing and, provided that Tenant is not in default hereunderexercise the Expansion Option. In order to exercise the Expansion Option, Tenant shall have the right, exercisable upon deliver written notice give (“Expansion Notice”) to Landlord by no later than March 31, 2027, following which, the parties shall enter into an amendment to the Lease to memorialize the expansion of the Premises to include Suite B-230 on the following terms (the “Expansion Amendment”), which Expansion Amendment the parties shall use good faith efforts to execute within 15 thirty (30) days after receipt of Landlord's notice, to lease such additional space (the "Expansion Space") upon all the terms and conditions contained herein, except that (i) Base Rent for the Expansion Space shall be the fair rental value Tenant’s delivery of the Expansion Space as Notice. The terms of the Expansion Amendment shall be as follows: (a) Landlord shall improve the Suite B-230 (the “Suite B-230 Tenant Improvements”) in accordance with plans and specifications mutually agreed upon by Landlord and Tenant, each acting reasonably and in good faith, (b) the Lease Term for Suite B-230 (the “Suite B-230 Lease Term”) shall commence upon the date (the “Suite B-230 Commencement Date”) on which Landlord delivers Suite B-230 to Tenant with the Suite B-230 Tenant Improvements Substantially Completed subject to Tenant Delays, but not later than the date that is seven (7) months after the effective date of Landlord's notice; the Expansion Amendment, subject to Landlord Delays (to be defined in the Expansion Amendment) and/or Force Majeure Delays, and shall expire upon the expiration of the Lease Term for the Existing Premises, (iic) subject to abatement as provided below, Base Monthly Rent for Suite B-230 shall start at $35.75 per rentable square foot of Suite B-230 and shall increase by $0.75 on each annual anniversary of the Suite B-230 Commencement Date, (d) Base Monthly Rent for Suite B-230 shall be abated for a period equal to twelve (12) months multiplied by a fraction, the numerator of which is the number of months in the Suite B-230 Lease Term and the denominator of which is one hundred and thirty-two (132), (e) Tenant's Proportionate ’s Pro Rata Share shall be increased, based upon the ratio of increase by the rentable square footage of Suite B-230, (f) the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value Base Year for Suite B-230 shall be determined by arbitrationcalendar year 2027, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant shall have no right to exercise its option to lease the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (iig) Tenant shall be entitled to sixty (60) additional Reserved Spaces at no additional charge to Tenant, fifty-one (51) of which additional Reserved Spaces shall be in default hereunder the West Garage and such default nine (9) of which additional Reserved Spaces shall be in the East Garage (subject to adjustment as to location as may be mutually agreed upon by the parties), (h) Tenant shall be entitled to seventy-three (73) additional unreserved spaces at no additional charge to Tenant, which additional unreserved spaces shall be located within the Garages and/or on the rooftop of the Garages and/or on the Surface Lot, (j) in connection with the Suite B-230 Tenant Improvements, Landlord shall credit Tenant with an allowance equal to $130.00 per rentable square foot of Suite B-230 multiplied by a fraction, the numerator of which is the number of months in the Suite B-230 Lease Term and the denominator of which is one hundred and thirty-two (132), (k) Base Monthly Rent for the Existing Premises (as same is escalated as provided in the Existing Lease) shall, upon the first day following the expiration of the Parking Charge Abatement Period, increase from the amount set forth in the Existing Lease by $0.75 per rentable square foot of the Existing Premises, and (l) Tenant shall not have been cured at the time be obligated to pay Parking Charges for any of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion SpaceReserved Spaces.

Appears in 1 contract

Sources: Office Lease Agreement (Castle Biosciences Inc)

Expansion Option. (a) IfSubject to the expansion rights of Ask Jeeves, at any time during Inc., Tenant may lease additional space on the Term, any space becomes available in the Building and if another tenant fourth floor of the Building has not exercised a superior right to lease such space, Project ("4th Floor Expansion Option Space") under the following terms and conditions. Landlord shall so notify provide Tenant in writing andwith notice if Ask Jeeves, provided that Tenant is Inc. does not in default hereunder, exercise its expansion option(s) ("Expansion Notice"). Tenant shall have the right, exercisable upon written notice give to Landlord within 15 a period of fifteen (15) days after receipt of Landlord's notice, the Expansion Notice to notify Landlord of its election to lease such additional space the 4th Floor Expansion Option Space (the "Expansion SpaceOption") upon all the terms and conditions contained herein, except that (i) Base Rent for the Expansion Space shall be the fair rental value of the Expansion Space as of the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof.) (b) If Tenant fails properly exercises its Expansion Option: 1. Landlord shall deliver for lease to exercise its option to lease Tenant the 4th Floor Expansion Space within for a term commencing on the 15-day period as date of Substantial Completion of the space if the tenant improvements are constructed by Landlord and 90 days after delivery of the space to Tenant if the tenant improvements are constructed by Tenant and expiring on the Expiration Date of this Lease. 2. The Base Monthly Rent for the 4th Floor Expansion Space shall be determined in accordance with the schedule of Base Monthly Rent set forth above, Landlord in the Basic Lease Information. The Base Year for the 4th Floor Expansion Space shall be free to lease the Expansion Space to any party upon any year such space is incorporated into the Premises. 3. Landlord will provide an allowance of $35.00 per rentable square foot and, the tenant improvements will be constructed in such expansion space in accordance with the construction procedures established by and the terms and conditions Landlord shall determine, from time to time during of the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such rightWork Letter. (c) Landlord shall prepare an amendment to this Lease to reflect changes in the Premises, Monthly Base Rent, Tenant's Share, the number of parking spaces allocated to Tenant, the Security Deposit and other appropriate terms. A copy of the amendment shall be sent to Tenant shall have no right to within a reasonable time after exercise its option to lease of the Expansion Option and shall be executed by Tenant and returned to Landlord for its execution. Upon delivery to Tenant of the 4th Floor Expansion Option Space, and any attempted exercise it shall be void considered Premises, subject to all terms and conditions of no effectthis Lease. (d) This Expansion Option is personal to Tenant and may not be transferred or assigned in connection with an assignment or sublease of the Premises except to an Affiliate of Tenant. Further, if: (i) the named Tenant has assigned may not exercise this Lease or has at any time subleased, in the aggregate, Expansion Option if it enters into subleases for more than 50% 10,000 square feet of Rentable Area of the Premises to a party entities other than one controllingan Affiliate. (e) Notwithstanding anything to the contrary contained, controlled by or under common control with herein, the Expansion Option shall terminate at Landlord's option and upon notice to Tenant; or (ii) Tenant , and shall be in default hereunder of no further force and effect, whether or not Tenant has timely exercised such default shall not have been cured option if a material, monetary Default exists at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, Expansion Option or at the time of its commencement, provided that Landlord previously has given Tenant notice and an opportunity to cure such Default as required by the proposed commencement of the lease of the Expansion SpaceLease.

Appears in 1 contract

Sources: Office Lease (Northpoint Communications Group Inc)

Expansion Option. (a) If, at any time during prior to the Termfirst anniversary of the Commencement Date, Landlord desires to lease any space becomes on the 13th, 16th, 17th, 18th or 19th floor of the building which contains at least 7,500 rentable square feet and is then or, within six (6) months following the date Landlord’s OS Availability Notice (as hereinafter defined) is given, will be vacant and available in for leasing by Landlord (i.e., subject only to the Building and if option of another tenant granted prior to the Effective Date), then Landlord shall notify Tenant of such fact, which notice (“Landlord’s OS Availability Notice”) shall include a description of the Building has not exercised a superior right to lease layout, configuration and rentable square foot area of such spacespace (an “Option Space”), and the date Landlord reasonably anticipates the term of the leasing of such space shall commence (the “Anticipated Commencement Date”). If and so notify Tenant in writing and, provided that long as Tenant is not in default hereunderunder this lease beyond any applicable notice and/or grace period, Tenant shall have the rightone-time option (with respect to such space) to add all but not part of such space to the demised premises, exercisable upon written notice give subject to Landlord within 15 days after receipt of Landlord's notice, to lease such additional space (the "Expansion Space") upon all the following terms and conditions contained herein, except that conditions: (i) Base Rent Tenant shall give Landlord written notice of its election so to add all but not part of an Option Space to the demised premises, which notice shall be given no later than thirty (30) days after the date Landlord’s OS Availability Notice is given. Time shall be of the essence in connection with the exercise by Tenant of any option hereunder. (ii) The term of the leasing of such Option Space shall commence on the OS Commencement Date (as hereinafter defined), and shall end on the expiration or sooner termination date of the initial term of this lease, or, if the Tenant exercises its renewal option as in Article 32 provided, the expiration or sooner termination date of the Extended Term. The term “OS Commencement Date” when used herein shall mean the thirty-first (31st) day after the date when Landlord delivers vacant possession of an Option Space to Tenant (free of any occupancies or tenancies) with Landlord’s OS Work (as hereinafter defined) therein substantially completed. Landlord shall give Tenant fifteen (15) days’ prior written notice of the date Landlord will substantially complete Landlord’s OS Work. Landlord’s OS Work shall be deemed to have been substantially completed in an Option Space despite the fact that minor insubstantial details of construction and mechanical adjustments (i.e., “punch list items”) remain to be completed, provided the Option Space is accessible and reasonably usable by Tenant for the Expansion purpose of effecting Tenant’s OS Initial Installation Work (as hereinafter defined) therein; and provided, further, that the building systems through which the services which are required to be provided by Landlord hereunder (including, without limitation, the Building Chilled and Warm Water Equipment and the chilled and warm water service provided thereby) are available in the Option Space (or in locations outside of the demised premises, if so provided hereunder), so that, upon completion of Tenant’s OS Initial Installation Work, such services can be provided by Landlord as required hereunder. Landlord shall nevertheless complete such punch list items within thirty (30) days of the OS Commencement Date (and Tenant shall provide Landlord and its contractors with such access to the demised as is reasonably necessary to do so, using reasonable diligence and without the necessity of incurring overtime or premium labor charges, provided Landlord uses commercially reasonable efforts to minimize any interference with Tenant’s OS Initial Installation Work). Landlord shall, in accordance with the foregoing, fix the OS Commencement Date and notify Tenant of the date so fixed. When the OS Commencement Date has so been determined, the parties hereto shall, within thirty (30) days thereafter, at Landlord’s request, execute a written agreement confirming such date as the OS Commencement Date. Any failure of the parties to execute such written agreement shall not affect the validity of the OS Commencement Date as fixed and determined by Landlord, as aforesaid. Any dispute regarding the occurrence of an OS Commencement Date shall be resolved by arbitration in accordance with the provisions of Article 41 of this lease. Tenant by entering into occupancy of an Option Space shall be conclusively deemed to have agreed that Landlord up to the fair rental value time of such occupancy had substantially completed Landlord’s OS Work, unless within twenty (20) days after such date Tenant shall give written notice (hereinafter called the “OS Punch List Notice”) to Landlord specifying the respects in which the same were not in satisfactory condition, in which event the Option Space shall be conclusively deemed to be in satisfactory condition except for the items set forth in the OS Punch List Notice. The giving of the Expansion Space as of the date of Landlord's notice; and (ii) Tenant's Proportionate Share shall be increased, based upon the ratio of the rentable square footage of the Expansion Space to the rentable square footage of the Building. Landlord's notice shall include a statement of Landlord's reasonable estimate of the fair rental value of the Expansion space. If the parties have not agreed upon the fair rental value of the Expansion Space at the time Tenant exercises its option to lease same, such value shall be determined by arbitration, as provided in Section 30 hereof. (b) If Tenant fails to exercise its option to lease the Expansion Space within the 15-day period as set forth above, Landlord shall be free to lease the Expansion Space to any party upon any terms and conditions Landlord shall determine, from time to time during the Term, without any further obligation to Tenant under the Section. Subsequent to Tenant's failure to exercise its option, Tenant shall, within ten days after demand thereof by Landlord, confirm in writing that Tenant has declined to exercise such right. (c) Tenant OS Punch List Notice shall have no right to exercise its option to lease effect whatsoever upon the Expansion Space, and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises to a party other than one controlling, controlled by or under common control with Tenant; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, if such default occurs after Tenant's attempted exercise of the option, at the time of the proposed commencement of the lease of the Expansion SpaceOS Commencement Date.

Appears in 1 contract

Sources: Lease Agreement (Coty Inc /)