Common use of Expansion Option Clause in Contracts

Expansion Option. Paragraph 42 of the Lease shall be amended to reflect that Tenant shall have the 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"). Tenant must comply with the provisions 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, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's 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 Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no 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 Option on or before October 1, 1994, it shall expire automatically.

Appears in 2 contracts

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

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Expansion Option. Paragraph 42 If no event of Default is then continuing at the time of exercise, 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 shall be amended with respect to the Premises originally leased hereunder (with the Term pro-rated to reflect that Tenant shall have the option (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of space located in the basement amount of the Building (the "Basement Space"remaining Term, excluding any Renewal Term from such proration). If Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required elects to lease the entire square footage 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 Basement commencement date for the Reservation Space, provided except that 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 receipt of the Reservation Space (“Reservation Space Commencement Dat”), (i) Tenant may not lease an amount the Reservation Space will be deemed part of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; Premises, (ii) Tenant's exercise ’s Share as provided in Section 4.1(I) 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 this Lease will be taken by Tenant; adjusted, and (iii) all costs, including labor and material, Landlord’s Contribution with respect to the Reservation Space will be the product of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion $35.00 per RSF of the Basement Space shall be borne by TenantReservation Space. Within fifteen (15) Landlord and Tenant will enter into a written amendment to this Lease incorporating such revisions, within 10 days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition Landlord’s receipt of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no 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 Option on or before October 1, 1994, it shall expire automaticallyElection Notice.

Appears in 2 contracts

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

Expansion Option. Paragraph 42 of the Lease shall be amended to reflect Provided that Tenant is not in default hereunder, Tenant shall have the option at any time during the first eighteen (18) months of occupancy (the "Expansion Option"“Option Period”) to lease up expand the Rentable Area in the Premises to Five Thousand, Two Hundred Thirty (5,230) include approximately 3,000 rentable square feet of additional space located that is adjacent to the Premises (the “Additional Space”) on the same terms and conditions as 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 basement Additional Space (the “Option Period Fee”), with such sum to be paid in equal monthly installments for each month of the Building (Option Period in which Tenant has not exercised its Expansion Option or until Tenant elects not to exercise the "Basement Space")Expansion Option by written notice to Landlord. Tenant must comply with the provisions of Paragraph 42 shall pay such monthly installment of the Lease regarding notification Option Period Fee with Tenant’s monthly payment of Base Rent as set forth herein. In the event Tenant wishes to exercise its Expansion Option during the Option Period, Tenant shall provide Landlord should Tenant choose with written notice of its intention to exercise the Expansion Option. Tenant is not required to lease the entire square footage Within ten (10) days of the Basement Space, provided that (i) Tenant may not lease an amount Landlord’s receipt of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's ’s 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, Landlord and Tenant and Landlord shall execute an amendment to this Lease confirming the Lease reflecting the addition square footage of the Basement 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 Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no 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 Option on or before October 1, 1994, it shall expire automatically.

Appears in 1 contract

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

Expansion Option. Paragraph 42 Provided Landlord does not have a bona fide ---------------- offer from a third party to lease Building space containing all or a portion of the Lease shall be amended to reflect that East Anchor Building Option Space, Tenant shall have the 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"). Tenant must comply with the provisions 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, provided that (i) Tenant may not lease an amount of square footage all or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of the proposed configuration of the portion of the Basement Option Space which will be taken by Tenant; upon not less than sixty (60) days' notice upon the same terms and (iii) all costsconditions contained herein, 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 Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Spaceparking ratio. All other provisions of Paragraph 42 shall remain in full force non-conflicting terms and effect. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the Term conditions of the Lease, unless sooner terminated 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 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 accordance with Paragraph 42 an "as-is" condition, after Landlord performs Items 1, 2, 6 and 8 under Construction/Demolition as shown on Exhibit "E" on the Option Space, and Tenant shall perform the remainder of the renovation of said Option Space to meet its requirements. Tenant's allowance shall be administered and distributed consistent with the terms and requirements of this Lease. If Tenant does not agrees to execute an Amendment and Supplement of Lease in form and substance reasonably acceptable to Landlord confirming the exercise of the Expansion 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 prior approval, (a) install an additional generator or increase the size and wattage of the original generator at Tenant's sole cost and expense, (b) increase the HVAC capacity for the Premises at Tenant's sole cost and expense, (c) install additional antennas at Tenant's sole cost and expense, and (d) upgrade the Building electrical system installed by Landlord to accommodate Tenant's electrical usage in the Option on or before October 1, 1994, it Space at Tenant's sole cost and expense. Landlord shall expire automaticallyprovide 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 approved by Landlord in Landlord's sole discretion.

Appears in 1 contract

Samples: Disturbance and Attornment Agreement (Pac-West Telecomm Inc)

Expansion Option. Paragraph 42 Provided that no Event of the Lease shall be amended to reflect that Defaults is then existing, Tenant shall have the option (the "Expansion Option"), effective as of the fifth (5th) anniversary of the Commencement Date, to lease up to Five Thousand, Two Hundred Thirty all (5,230but not less than all) of the second level of the Building containing approximately 25,000 square feet of space located in the basement of the Building Net Rentable Area (the "Basement Expansion Space")) to be exercised with no more than twelve (12) months nor less than nine (9) months prior written notice to Landlord. Tenant must comply with the provisions of Paragraph 42 The portion of the Lease regarding notification Expansion Space to be added to the Landlord should Tenant choose Premises (the "Expansion Premises") shall be subject to exercise the same terms, covenants and conditions under the Lease, except that (a) the Base Rental Rate for the Expansion Option. Tenant is not required to lease Premises shall be the entire square footage prevailing MRR (as defined in Exhibit "H" above) as of the Basement Spacedate such Expansion Space shall be added to the Premises, provided that (ib) the Tenant may not 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 an amount shall expire as of square footage the expiration of the Term. Landlord 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 a configuration which would leave up to six (6) months after the remaining Basement Space unusable by Landlord; end of the fifth (ii5th) anniversary of the Commencement Date. Within thirty (30) days of receipt of Tenant's notice of the exercise of the Expansion Option, 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 cannot agree on a determination of MRR within fifteen (15) days thereafter Tenant may either (i) withdraw its Expansion Option or (ii) elect that such MRR shall be contingent upon Landlorddetermined 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 the same ratios as provided with respect to the Initial Premises. Tenant's prior written approval 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 space for the construction of the proposed configuration tenant improvements therein. Tenant's rights under this Exhibit shall terminate if (i) this Lease or Tenant's right of possession of the Premises is terminated, (ii) Tenant assigns any of its interest in this Lease other than to an Affiliate or sublets more than 50,000 square feet of Net Rentable Area, (iii) to the extent Tenant has previously leased any Expansion Space pursuant to its other options contained herein or otherwise, and (iv) Tenant fails to timely exercise its option under this Exhibit, time being of the essence with respect to Tenant's exercise thereof. EXHIBIT J FIRST REFUSAL RIGHT Provided that no Event of Default then exists under this Lease, Tenant shall have the right (the "Preference Right"), to lease all or any portion of the Basement Space which will be taken by Tenant; and space in the Building (iii"Preference Space") all costs, including labor and material, of constructing any demising wall or other construction required in order that becomes available to delineate Tenant's chosen portion lease during the term of the Basement Lease or any renewals thereof. When Landlord learns that any Preference Space will become available for lease, but no more than nine (9) months prior to the date Landlord expects such Preference Space to become available (other than in connection with the initial leasing of such space, with respect to which Landlord shall not be borne limited by Tenantsuch nine (9) month advance notice period), Landlord shall deliver Tenant written notice (the "Preference Notice"), together with the economic terms (Base Rental Rate, term, allowances, etc.) pursuant to which Landlord desires to lease such space, and the estimated date of availability. 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 Premises. Once Tenant has exercised the Expansion Optionthereafter, Tenant shall have no further option give Landlord written notice of its election to exercise its Preferential Right to lease any additional portion of the Basement Preference 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 its First Refusal Right within such fifteen (15) day period, then Landlord may offer such space to third parties and Tenant's Preference Right with respect to such space shall expire. Such Preference Space shall be leased at the Expansion Option same terms and conditions of the Lease except that the Base Rental Rate and allowance for such Preference Space shall be the MRR and shall terminate concurrently with the Premises or at the end of such shorter term as Tenant shall designate in its election to lease such space (subject to the minimum requirements set forth below). Landlord shall provide Tenant no less than sixty (60) days' prior written notice of the date on which Landlord shall render possession to Tenant. The minimum term of the Preferential Right space shall be for a period of five (5) years, unless such space is leased during the last five (5) years of the Lease Term, in which case, the term shall be for the balance of the remaining term; provided, that if the term of such lease is less than the period offered by Landlord, the MRR shall be adjusted to account for such shorter period. Notwithstanding the foregoing, no Preferential Right space shall be leased during the last thirty (30) months of the Term unless this Lease is simultaneous renewed pursuant to Exhibit "H" above. If the term of Preference Space terminates concurrently with the Premises, all renewal options applicable to the Premises shall be applicable to the Preference Space as well. If Tenant elects (or before October 1is deemed to have elected) not to lease the Preference Space, 1994Landlord may not lease such space to another tenant on terms more favorable to the tenant than those offered to Tenant without first offering such terms to Tenant on the basis above, and if such space has not been leased within six (6) months after it has become available, Landlord shall expire automatically.again notify Tenant of its availability and repeat the process above as if it were new Preference Space. Tenant's rights under this Exhibit shall terminate if (i) this Lease or Tenant's right of possession of the Premises is terminated, (ii) Tenant assigns any of its interest in this Lease other than to an Affiliate or sublets more than 50,000 square feet of Net Rentable Area, and (iii) Tenant fails to timely exercise its option under this Exhibit, time being of the essence with respect to Tenant's exercise thereof. EXHIBIT K CLEANING SPECIFICATIONS EXHIBIT L MEMORANDUM OF LEASE EXHIBIT M SECURITY SERVICES

Appears in 1 contract

Samples: Lease Agreement (Cabot Oil & Gas Corp)

Expansion Option. Paragraph 42 SECTION 29.1. Subject to Section 29.4, in the event that Rentable Area (other than the Premises) anywhere in the Building excluding retail space (the "Expansion Space") from time to time becomes available during the period commencing on the date hereof until the end of the Term, and provided this Lease shall be amended to reflect that is in full force and effect, Tenant shall have the option (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of space located such Expansion Space on the terms and conditions hereinafter set forth. Landlord shall send notice in the basement of the Building writing (the "Basement SpaceExpansion Notice"). ) to Tenant must comply with specifying the provisions location and configuration of Paragraph 42 of such Expansion Space and the Lease regarding notification 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 Landlord should Tenant choose time at which the space which is the subject of such Expansion Notice is scheduled to exercise the Expansion Optionbecome available for occupancy. Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Each Expansion Option shall be contingent upon Landlord's prior exercisable by Tenant giving written approval notice to Landlord of the proposed configuration exercise of the portion of the Basement Space which will be taken by Tenant; and particular Expansion Option within thirty (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 (1530) days after Landlord sends the applicable Expansion Notice. Landlord and Tenant exercises shall enter into an amendment modifying this Lease to add the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised , adding the Expansion OptionBase Rent for the Expansion Space, Tenant shall have no further option to lease any additional portion within ten (10) days of the Basement Space. All other provisions of Paragraph 42 date Tenant exercises its Expansion Option in accordance with the terms hereof, which shall remain in full force and effect. The term of Tenant's Lease of all or any portion of be co-terminous with the Basement Space shall expire upon expiration of the remaining Term of the Lease, unless sooner terminated by . Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise shall lease the Expansion Option Space on or before October 1, 1994, it shall expire automatically.the same terms and conditions as the Premises except that:

Appears in 1 contract

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

Expansion Option. Paragraph 42 of the Lease shall be amended Landlord has disclosed to reflect Tenant that Tenant shall have the option Landlord is currently negotiating a lease with Amherst Securities (the "Expansion OptionAmherst Securities Lease") to lease up to Five Thousand, Two Hundred Thirty (5,230) for approximately 4,000 square feet of space located in the basement of 2nd Option Space, which space is adjacent to the Building Premises and is reflected on Exhibit "C" attached hereto (the "Basement SpaceAmherst Premises"). Tenant must comply with Landlord acknowledges and agrees that the provisions of Paragraph 42 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 regarding notification Lease. In Addition to the Tenant's rights under the Current Expansion Option as set forth in the Lease, Landlord should 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 of Exhibit "G" shall be applicable to Tenant's right to exercises the Expansion Option on such portions of the 2nd Option Space and/or the 3rd Option Space. Further, Landlord agrees not to enter into any additional leases related to the 2nd Option Space or the 3rd Option Space (other than the Amherst Securities Lease) during this sixty (60) day period. If Tenant choose elects not to exercise its right to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement SpaceOption during such sixty (60) day period, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's 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 limited right 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 Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no 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 Option on or before October 1early as set forth in this Second Amendment shall terminate, 1994, it but Tenant shall expire automaticallycontinue to have all rights to exercise the Expansion Option in accordance with Exhibit "G" of the Lease at the times set forth therein.

Appears in 1 contract

Samples: Bridgepoint Lease Agreement (Brigham Exploration Co)

Expansion Option. Paragraph 42 of the Lease shall be amended to reflect that Tenant shall have the option (the "Expansion Option") right to lease up to Five Thousand, Two Hundred Thirty (5,230) from Landlord additional space on the first floor of the Building consisting of approximately 10,000 rentable square feet of space located (in the basement a single block of the Building space) to be designated by Landlord (the "Basement First Floor Expansion Space"). Tenant must comply with the provisions 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, provided that (i) on or before the date that is one hundred twenty (120) days after the Commencement Date for the Phase I Premises, Tenant may not shall give Landlord written notice of its election to lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; 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 exercise rights under this Section 2.5 shall expire and be 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 Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effect. Upon receipt of any such notice, Landlord and Xxxxxx 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 earlier to occur of (i) the date on which the First Floor Expansion Space is Ready for Occupancy, as such term of Tenant's Lease of all is defined in Section 2.2, or (ii) the date on which Tenant begins to conduct business operations in any portion of the Basement First Floor Expansion Space. Upon the Commencement Date for the First Floor Expansion Space, the First Floor Expansion Space shall expire upon expiration will be included as part of the Term of Premises, and the LeaseTenant's Percentage, unless sooner terminated by Tenant Base Rent, Rentable Square Feet in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallyPremises and Tenant's Parking Spaces will be appropriately increased.

Appears in 1 contract

Samples: Office Lease (Axent Technologies Inc)

Expansion Option. Paragraph 42 Provided that this Lease is in full force and effect and Tenant is not in default of the Lease shall be amended to reflect that its monetary obligations hereunder and is not in default of its non-monetary obligations hereunder beyond any applicable cure period, Tenant shall have the option right, during the first ninety (90) days of the "Expansion Option") Term of this Lease, 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"). Tenant must comply with the provisions 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, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's 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 Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no 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 occupy all or any portion of the Basement First Floor, provided that the portion of the First Floor not leased and occupied by Tenant is configured and located so as to be leaseable to third parties in accordance with customary market terms reasonably acceptable to Landlord (the "Expansion Space"). The lease term for the Expansion Space shall expire upon expiration coterminous with this Lease. Tenant may exercise this right only by giving Landlord written notice at any time during the first ninety (90) days of the Term of the Lease. Annual Base Rent for the Expansion Space shall be charged at the rate per rentable square foot then in effect for the Premises, unless sooner terminated by Tenant in accordance with Paragraph 42 which rate shall increase pursuant to the terms of Section 1.11 of the Lease. If Tenant does not exercise In addition, Tenant's Proportionate Share shall be adjusted to reflect the Expansion Option Space, with all other terms of the Lease to remain the same. Landlord shall provide Tenant with a Tenant Improvement Allowance for the Expansion Space in an amount equal to $20.00 per rentable square foot (constituting the "Expansion Tenant Improvement Allowance"). The improvements to be constructed in the Expansion Space shall be designed and constructed in accordance with the applicable procedures set forth in Exhibit C and Rent shall commence on or before October 1a date determined by Landlord and Tenant, 1994, it which date shall expire automaticallynot be more than ninety (90) days after Landlord's receipt of written notice of Tenant's exercise of the option for the Expansion Space. Any costs incurred by Tenant in excess of the foregoing Expansion Tenant Improvement Allowance shall be the sole responsibility of Tenant.

Appears in 1 contract

Samples: Ebs Building LLC

Expansion Option. Paragraph 42 of the Lease shall be amended to reflect that Tenant shall have the option (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) Suite No. 500 on the 5th floor of the Building containing approximately 19,059 rentable square feet of space located in the basement of the Building rentable area shown on Exhibit D to this Lease (the "Basement Expansion Space") if: (a) Landlord receives written notice (the "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 (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 Landlord receives the Expansion Notice. The initial annual Basic Rent rate per rentable square foot for the Expansion Space shall be the 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. Tenant shall be entitled to receive an improvement allowance equal to $35.00 (the "Improvement Allowance") per square foot of rentable 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 same rates as the parking passes for the original Premises. The term for the Expansion Space shall commence 120 days following the date Landlord delivers the subject Premises to Tenant 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 Xxxxxxx Xxxxxx 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 must comply with written notice of such prior termination (the "Prior Termination Notice"). If Landlord provides Tenant with a Prior Termination Notice, Tenant shall have the option to lease the Expansion Space in accordance with the provisions terms and conditions set forth above, except that the Expansion Notice shall be due within 30 days after the date of Paragraph 42 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 regarding notification to or the Landlord should date Tenant choose to exercise commences business activities in the Expansion OptionSpace. If Tenant does not provide Landlord with an Expansion Notice within such 30 day period or if Tenant is not required entitled to lease the entire square footage exercise its Expansion Option due to a violation of one of the Basement Spaceconditions set forth above, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of the Expansion Option shall be contingent upon Landlord's prior written approval of deemed to be null and void and Tenant shall have no further rights to lease the proposed configuration of the portion of the Basement Expansion Space which will be taken by Tenant; hereunder. Landlord warrants that existing tenant does not have a renewal right in its existing lease. If Tenant is entitled to 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 properly exercises the Expansion Option, Tenant and Landlord shall execute prepare an amendment (the "Expansion Amendment") to reflect the Lease reflecting the addition commencement date of the Basement Space to the Premises. Once Tenant has exercised term for the Expansion OptionSpace and the changes in Basic Rent, Tenant shall have no further option to lease any additional portion Floor Area of Premises, Tenant's proportionate share and other appropriate terms. A copy of the Basement Space. All other provisions of Paragraph 42 Expansion Amendment shall remain in full force and effect. The term of Tenant's be sent to Tenant within a reasonable time after Landlord’s IOPLEGAL-4-44 5/11/18 - Lease of all or any portion of the Basement Space shall expire upon expiration of the Term of the Lease231700, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automatically.Amendment 247645 - 4.1 4

Appears in 1 contract

Samples: BofI Holding, Inc.

Expansion Option. Paragraph 42 51.01 Annexed hereto as “Exhibit F” is the floor plan of certain space in the Building designated by Landlord as Room 3500, which is under lease to a third party as of the date hereof, and attached hereto as “Exhibit G” is a schedule which sets forth the currently scheduled expiration date of the term of such lease, the deemed rentable square foot area of such space and Tenant's Share applicable thereto for purposes of calculating Additional Rent payable under the provisions of Article 32 and Article 49 of the Lease shall be amended to reflect that (the “Option Space”). The Tenant first named herein (“Named Tenant”) shall have the option right (the "“Named Tenant’s Expansion Option"Right”) to lease up add to Five Thousand, Two Hundred Thirty (5,230) square feet of space located the Option Space to the Premises subject to and in the basement of the Building (the "Basement Space"). Tenant must comply strict compliance with the provisions 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, terms and conditions hereinafter set forth and provided that that: (i) Tenant may is not lease an amount in default under the Lease beyond the grace period applicable to such default, if any, at the time of square footage exercise of its option under this Section 51.01 or a configuration which would leave on the remaining Basement Option Space unusable by Landlord; Commencement Date (as such term is hereinafter defined), (ii) Tenant's exercise Named Tenant shall occupy not less than ninety (90%) percent of the Expansion Option shall be contingent upon Landlord's prior written approval Premises for the conduct of its business as of the proposed configuration of the portion of the Basement Option Space which will be taken by TenantCommencement Date; and (iii) all coststhe Tenant has exercised Tenant’s Extension Right in accordance with Article 50 prior to, including labor and materialor contemporaneously with, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion the giving of the Basement Option Space Election Notice. The term with respect to the Option Space added to the Premises hereunder shall be borne (i) commence as of the date (the “Option Space Commencement Date”) that possession of the Option Space is made available to Tenant by TenantLandlord and (ii) expire on the Expiration Date. Within As soon as the Option Space Commencement Date is known, Landlord and Tenant shall execute a memorandum prepared by Landlord confirming the same within fifteen (15) days after Tenant exercises the Expansion Optionof written demand therefor, Tenant and Landlord but any failure to execute such a memorandum shall execute an amendment to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no 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 not affect such dates as determined by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallyLandlord.

Appears in 1 contract

Samples: Lease (Delcath Systems Inc)

Expansion Option. Paragraph 42 of the Lease shall be amended to reflect that Tenant shall have the option to lease the balance of the space on the fourth floor of the Building (the "Expansion Option") as shown on the attached floor plan ("Expansion Space") by providing Landlord written notice on or before December 31, 1998. The Expansion Space shall be deemed to lease up contain 8,001 rentable sq. ft. If the 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 Five Thousandand use 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, Two Hundred Thirty (5,230) square feet at Tenant's option, an additional buildout allowance of space located in $6.00 per rentable sq. ft. or $48,006.00 to be amortized monthly over the basement term of the Building Lease at 10% interest (collectively, the "Basement SpaceBuildout Allowances"). Tenant must comply with shall have the provisions of Paragraph 42 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 regarding notification to ("Workletter"). Tenant shall pay a Base Rental for the Landlord should Expansion Space as 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 Tenant choose has completed the buildout of the Expansion Space, the Base Rental shall commence one hundred eighty (180) days after delivery of Tenant's written notice to exercise the Expansion OptionOption but in no event later than July 1, 1999. Tenant is not required to The lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise of term on 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 Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no 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 on December 31, 2005. For purposes of the Term calculating Tenant's Pro Rata Share of the Lease, unless sooner terminated by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise 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 on or before October 1is exercised, 1994, it shall expire automatically11.02% for the combined Leased Premises.

Appears in 1 contract

Samples: Office Lease Agreement (Bionumerik Pharmaceuticals Inc)

Expansion Option. Paragraph 42 At Tenant's request, Landlord 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 has not 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 pay all construction costs in excess of $8,000,000 plus all financing costs and prepayment penalties related to refinancing the Premises to provide for the Phase II Premises. Prior to the commencement of 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 amended extended to reflect that Tenant shall have the 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"). Tenant must comply with the provisions 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, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's 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 years from the Expansion OptionSubstantial Completion of the Phase II Premises with the Base Rent for the 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 Debt Constant. The Debt Constant shall equal the lowest commercially available rate which Landlord can obtain. FOR EXAMPLE, Tenant and 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 execute an amendment 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 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 reflecting Term for up to an additional fifteen (15) years from the addition date of Substantial Completion thereof and at no increase in Base Rent on account of such expansion. Notwithstanding the Basement Space above, if Tenant assigns this Lease after the fifth anniversary, Landlord may elect in its sole discretion not to provide funding for the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no 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 Option on or before October 1, 1994, it shall expire automaticallyexpansion.

Appears in 1 contract

Samples: Lease (Quantum Corp /De/)

Expansion Option. Paragraph 42 of the Lease shall be amended to reflect that Tenant shall have the option (right, subject to and upon the "Expansion Option") terms and conditions of this Section 2.3, to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of space located in the basement that portion of the Building comprised of approximately 9,000 rentable square feet and shown on Exhibit “A-1” attached hereto (the "Basement Space"“Machine Shop Area”), currently leased to Tecnau. Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification may deliver written notice to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required at any time between March 1, 2020 and December 31, 2021 exercising such option to lease the entire square footage 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 Premises shall be added to the Leased Premises and they shall be subject to all terms, conditions and covenants of the Basement SpaceLease; and minimum rent, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) and Tenant's exercise of the Expansion Option ’s Pro Rata share shall be contingent upon Landlord's prior written approval 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 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 Tenantthen remaining lease term. Within fifteen (15) days after of such notice from Tenant, Landlord and Tenant exercises shall execute and amendment to this Lease to memorialize such expansion. Provided that the Expansion OptionTecnau completes such relocation within the Notice 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 basis 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 execute an amendment thereafter be free to lease the Expansion Premises to such parties and on such terms as Landlord shall determine in its sole discretion, subject, however, to the Lease reflecting provisions of Section 2.4 below. It shall be a condition to Tenant’s right to exercise the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion the Expansion Premises that Tenant (i) is not in default (beyond applicable notice and cure periods) under the terms of this Lease, (ii) has not subleased twenty-five percent (25%) of the Basement Space. All other provisions of Paragraph 42 shall remain in full force Leased Premises, 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 (iii) has not assigned the Lease, unless sooner terminated by Tenant in accordance either case except in connection with Paragraph 42 of the a transaction permitted without Landlord’s consent under this Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automatically.

Appears in 1 contract

Samples: Lease (One)

Expansion Option. Paragraph 42 In the event Landlord is unable to deliver the Advance Premises, the Sprint Premises and/or the SAS Premises prior to February 28, 2001 in accordance with the terms of the Lease shall be amended to reflect that this Lease, Tenant shall have the an expansion option (the "Expansion Space Option") which shall require Landlord to, prior to offering the same to any party, first offer to lease up to Five Thousand, Two Hundred Thirty (5,230) square feet of the Tenant named herein any space located in the basement of within the Building (the "Basement Expansion Space") upon the same terms, covenants and conditions contained in this Lease, for a term to commence on the Expansion Space Commencement Date (hereinafter defined) and to end on the 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 must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to may exercise the Expansion Option. Tenant is not required Space Option by delivering written notice ("Exercise Notice") to lease the entire square footage Landlord within ten (10) business days after receipt of the Basement SpaceOption Notice, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's exercise 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 contingent upon Landlord's prior written approval of the proposed configuration of no further force or effect as to the portion of the Basement Expansion Space which will be taken not accepted 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 Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no further option to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 but shall remain in full force and effecteffect on any remaining Expansion Space that has not been included in any Option Notice. The term of Tenant's Lease of all or any portion of In the Basement event Tenant duly exercises the Expansion Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by Tenant Option in accordance with the provisions of this Paragraph 42 41, the Lease shall be deemed modified as of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automatically.Space Commencement Date as follows:

Appears in 1 contract

Samples: Agreement (KMC Telecom Holdings Inc)

Expansion Option. Paragraph 42 Provided this Lease is in full force and effect and that Tenant is not in Default under any of the other terms and conditions of this Lease shall be amended 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 reflect that 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 one-time option (the "Expansion Option") to lease up to Five Thousand, expand into that certain space in the Building containing approximately Two Thousand Nine Hundred Thirty Fifty (5,2302,950) rentable square feet of space located in which is contiguous with the basement of the Building Premises and is hereby known as Suite 420 and shown on Exhibit A-3 attached hereto (the "Basement “Expansion Space"). In the event Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose wishes to exercise the Expansion Option. , then Tenant is not required to lease the entire square footage shall provide Landlord with written notice of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's ’s exercise of the Expansion Option at anytime during the period following the full execution of this Lease by both Landlord and Tenant through December 31, 2011 (the “Expansion Notice Period”), time being of the essence. Such notice shall be contingent upon Landlord's prior written approval given in accordance with Section 21 of the proposed configuration Lease. If notification of the portion 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 Tenant’s Offer Right pursuant to Section 28.05 below shall not be affected by the expiration of the Basement Space which will be taken by Tenant; Expansion Option. The Base Rent payable for and (iii) all costs, including labor and material, of constructing any demising wall or other construction required in order economic terms applicable to delineate Tenant's chosen portion of the Basement Expansion Space shall be borne at the same Base Rent rate and upon the same economic terms (prorated as of the Expansion Option Commencement Date as applicable) then in effect for the Premises as of the Expansion Option Commencement Date (defined hereinafter) and 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 the date on which the improvements for Expansion Space are substantially complete, as adjusted due to any delays ca used by the act or omission of Tenant. Within fifteen (15) days after Tenant exercises The lease term applicable to Expansion Space shall be coterminous 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 28.01 above prorated as of the Expansion OptionOption Commencement Date and through the Partial Rent Abatement Period. Upon Tenant’s exercise of the Expansion Option pursuant to this Paragraph, Tenant and Landlord the parties shall execute an amendment to the this Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no 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 Option on or before October 1, 1994, it shall expire automaticallyterms set forth herein.

Appears in 1 contract

Samples: Office Lease Agreement (Micromet, Inc.)

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Expansion Option. Paragraph 42 of the Lease shall be amended to reflect that 43.01. Landlord grants Tenant shall have the option (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) rent approximately 6,577 rentable square feet of the additional space located in the basement of the Building that is shown on Exhibit G hereto (the "Basement Expansion Space"). Tenant must comply with The Expansion Option may be exercised only by Tenant's written notice given to Landlord within 365 days after the provisions of Paragraph 42 date hereof, time being of the Lease regarding notification essence with respect to the Landlord should giving of such notice, and only if Tenant choose to exercise 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. Option in accordance with this Section 43.01, then Landlord shall lease to Tenant is not required to lease the entire square footage Expansion Space on the same terms and conditions as those contained in this Lease and for a term commencing on the first day of the Basement Space, provided that (i) month immediately following the month in which Tenant may not lease an amount gives written notice of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's its exercise of the Expansion Option and continuing coterminous with the Term of this Lease. Tenant's Proportionate Share under this Lease shall be contingent upon Landlord's prior written approval adjusted to reflect the inclusion of the proposed configuration Expansion Space. The demise 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 Expansion Space shall be borne accomplished by Tenant. Within fifteen (15) days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to this Lease to include the Lease reflecting the addition Expansion Space as part of the Basement Space Premises (but Tenant's failure to execute and deliver such an amendment shall not affect its obligations with respect to the PremisesExpansion Space). Once If Tenant has exercised exercises its Expansion Option Landlord shall have no obligation to pay for or perform any work in the Expansion OptionSpace, to prepare such space for Tenant's occupancy. Tenant shall have no further option forever waived its right 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 Option on 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 before October 1, 1994, it shall expire automaticallyintentional.

Appears in 1 contract

Samples: Lease (Applied Microbiology Inc)

Expansion Option. Paragraph 42 35.1. If no event of Default has occurred and is continuing, during the period of 18 months from the Commencement Date (“Reservation Period”), by written notice (“Election Notice”) from Tenant to Landlord provided on or before the expiration of the Lease shall be amended to reflect that Reservation Period, time being of the essence, Tenant shall will have the option (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) all or a portion of the space consisting of approximately 45,968 rentable square feet on the 4th floor of space located 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 basement Premises originally leased hereunder (with the Term pro-rated to reflect the amount of the Building (the "Basement Space"remaining Term, excluding any Renewal Term from such proration). If Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required elects to lease the entire square footage 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 Basement commencement date for the Reservation Space, provided except that as of the commencement date for the Reservation Space, (i) Tenant may not lease an amount the Reservation Space will be deemed part of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; Premises (ii) Tenant's exercise ’s Share as provided in Section 4.1(I) 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 this Lease will be taken by Tenant; and adjusted (iii) all coststhe 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), including labor and material(iv) during the Term, of constructing any demising wall or other construction required in order to delineate Tenant's chosen portion on each anniversary of the Basement Space shall be borne commencement date for the Reservation Space, Fixed Rent will increase by Tenant$0.50 per RSF. Within fifteen (15) Landlord and Tenant will enter into a written amendment to this Lease incorporating such revisions, within 10 days after Tenant exercises the Expansion Option, Tenant and Landlord shall execute an amendment to the Lease reflecting the addition Landlord’s receipt of the Basement Space to the Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no 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 Option on or before October 1, 1994, it shall expire automaticallyElection Notice.

Appears in 1 contract

Samples: Lease Agreement (Acacia Communications, Inc.)

Expansion Option. Provided Tenant is not in default at the time of exercise or at the time of commencement of the expansion option referred to hereinbelow, Tenant shall have the option to lease the entire premises known as Building B, PGA Professional Center (the "Expansion Premises") as more particularly described in the Amended and Restated Business Lease dated July 1, 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) the minimum annual rent for the Expansion Premises shall be the sum of $15.50 per sq. ft. plus operating expenses and real estate taxes, (ii) the term of the lease of the Expansion Space 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 42 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 amended applicable to reflect the Expansion Premises, except that Tenant shall have adjustments reflecting the option (the "Expansion Option") to lease up to Five Thousand, Two Hundred Thirty (5,230) increased total square feet of space located in the basement of the Building (the "Basement Space"). Tenant must comply with the provisions of Paragraph 42 of footage demised under the Lease regarding notification shall be made to the Landlord should Tenant's Proportionate Share of Excess Operating Expenses, the number of additional parking spaces available for the exclusive use of Tenant choose with respect to exercise the Expansion Option. Tenant is Premises shall be not required to lease less than ______ spaces, and the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's 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 rent reduction then in effect for janitorial or other construction required in order to delineate Tenant's chosen portion responsibilities 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 Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no 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 assumed by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on Paragraphs 5A or before October 1, 1994, it shall expire automatically5C hereinabove.

Appears in 1 contract

Samples: Office Lease (Wackenhut Corp)

Expansion Option. Paragraph 42 Section 33.01. Subject to the terms and conditions hereinafter set -------------- forth and provided that the lease is in full force and effect and no event of the Lease default shall have occurred which shall be amended continuing, Tenant shall have the option to reflect that lease additional space in the Building (the "Expansion Space") as follows. Tenant shall have the option (the "Expansion Option") to lease up 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 Five ThousandLandlord given within six (6) months after the date of execution of this lease. If Tenant so exercises its Expansion Option as herein provided, Two Hundred Thirty (5,230) square feet of such space located in the basement 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 of this lease. If Tenant delivers to Landlord the drawings, 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 "Basement Expansion Space"). Tenant must comply with , the provisions of Paragraph 42 of the Lease regarding notification Commencement Date, Expiration Date and free rent period as to the Landlord should Tenant choose to exercise Expansion Space shall be the same as those for the initial Premises. If such drawings, plans, specifications, and other detailed information for the Expansion Option. Tenant is Space are not required to lease delivered by the entire square footage respective dates specified in Article 2.02 of the Basement SpaceExhibit C, provided that if applicable, (i) Tenant may not lease an amount the delivery date by Landlord of square footage or a configuration which would leave the remaining Basement Expansion Space unusable by Landlordwith the Base 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 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 exercise occupancy of the Expansion Option shall be contingent upon Landlord's prior written approval Space for the conduct of the proposed configuration of the portion of the Basement Space which will be taken by Tenant; and its normal business operations, or (iiiC) 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 (1) Tenant exercises Build-out for the Expansion OptionSpace 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 Landlord shall execute an amendment 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 Lease reflecting 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 addition Expansion Space shall operate to accelerate Tenant's obligation to pay rental for the Expansion Space; and (iv) The Expiration Date for the Expansion Space shall coincide with the Expiration Date of the Basement Space to the initial Premises. Once Tenant has exercised the Expansion Option, Tenant shall have no 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 Option on or before October 1, 1994, it shall expire automatically.

Appears in 1 contract

Samples: Sublease Agreement (Opnet Technologies Inc)

Expansion Option. Paragraph 42 of 40.1 Provided that this Lease has been fully executed by the Lease shall be amended parties hereto and Tenant has delivered to reflect that Landlord all prepaid rental required hereunder, Tenant shall have the option (the "Expansion Option") to lease up 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 Five Thousandthis 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, Two Hundred Thirty 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 (5,230a) 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 basement Expansion Option as to any Additional Expansion Space applies to the space located on the 17th floor of the Building (or to the "Basement Space"). Tenant must comply with space located on the provisions of Paragraph 42 20th floor of the Lease regarding notification to Building. Notwithstanding the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required to lease the entire square footage of the Basement Space, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) Tenant's 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 Premises. Once Tenant has exercised the Expansion Optionforegoing, Tenant shall have no further option Expansion Option with respect 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 Additional Expansion Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by if Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not fails to exercise the Expansion Option on or before October 1as to the entire 19th Floor Expansion Space. The 19th Floor Expansion Space and the Additional Expansion Space, 1994if any, it shall expire automaticallyas to which Tenant exercises its Expansion Option pursuant to this Section are sometimes hereinafter referred to as the “Expansion Space”.

Appears in 1 contract

Samples: Lease

Expansion Option. Paragraph 42 28.1 Provided no Event of Default exists and the Lease is in full force and effect, by giving Landlord written notice, if at all, on or before the last day of the 45th Lease shall be amended Month, subject to reflect that existing rights of other tenants of the Building and subject to availability, Tenant shall have the option to expand the Premises (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")as provided herein. Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to may exercise the Expansion Option, if at all, by giving Landlord written notice (“Expansion Notice”) specifying the approximate number of additional square feet in the Building that Tenant desires to lease. In the event that Tenant is not required to lease exercises the entire square footage Expansion Option, the “Expansion Space” shall be at a location in the Building agreed upon by Landlord and Tenant. In the event that Tenant timely exercises the Expansion Option and the location of the Basement SpaceExpansion Space is agreed upon by Landlord and Tenant, provided that then thirty (i30) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) days after Tenant's exercise of (the “Expansion Space Commencement Date”), 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 added to, and constitute part of, the “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 Tenanta 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”). Within fifteen (15) days 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 and Landlord shall execute an amendment to this Lease confirming the Lease reflecting increase in the addition square footage of the Basement Premises and all matters incident thereto (such as an increase in Tenant's Proportionate Share and Base Rent and a workletter to address payment of the construction allowance); however, the failure of the parties to timely execute such amendment shall not defer the Expansion Space Commencement Date or otherwise invalidate this Lease or affect the parties' rights or obligations hereunder. In the event demising work is necessary to the Premises. Once Tenant has exercised the accommodate Tenant's exercise of its Expansion Option, Tenant then Landlord shall have no further option to lease any additional portion build a Building standard multi-tenant corridor (including without limitation construction of a demising wall and separation of the Basement Space. All corridor from electrical, fire/life safety, HVAC, and other provisions of Paragraph 42 shall remain in full force and effectsystems serving the Premises). The term cost of such demising work shall be borne equally by Landlord and Tenant, provided that Tenant may use the construction allowance to pay for Tenant's Lease share of all or any portion such work. Furthermore, Tenant (and not Landlord) shall be responsible for drywall and finish on the side of the Basement Space shall expire upon expiration of corridor located within 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 Option on or before October 1, 1994, it shall expire automaticallyPremises.

Appears in 1 contract

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

Expansion Option. Paragraph 42 of Provided Tenant is not in default hereunder, beyond the Lease shall be amended to reflect that applicable cure period and has not abandoned the Premises, Tenant shall have the option right (the "Expansion OptionRight") ), upon written notice to lease up Landlord, to Five Thousand, Two Hundred Thirty require Landlord to construct an approximately two hundred forty-two thousand five hundred twenty (5,230242,520) square feet of space located in the basement foot expansion of the Building Improvements (the "Basement SpaceExpansion"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification ) subject to the Landlord should Tenant choose to exercise the Expansion Optionconditions herein stated. Tenant is not required to lease the entire square footage of the Basement Space, provided that Within sixty (i60) Tenant may not lease an amount of square footage or a configuration which would leave the remaining Basement Space unusable by Landlord; (ii) days after Tenant's exercise of the Expansion Option 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 contingent upon Landlord's prior written approval substantially similar to the construction and finish of the proposed configuration Improvements as originally constructed (including the quality and type of base building systems and all interior finishes). Landlord and Tenant shall have the right to approve the Expansion Plans and Specifications, 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 portion 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 Basement Space which will Expansion plus six hundred eighty five (685) basis points]. For purposes of this Section 33, "Project Costs" means the total budgeted costs to be taken by Tenant; incurred for the Expansion based on a competitive bidding process [minimum three (3) bids for every major trade], including but not limited to (i) 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 labor and material, but not limited to any higher rate of constructing any demising wall interest or other construction required in order to delineate Tenant's chosen prepayment fees charged upon the principal of that portion of the Basement Space 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 borne the Project Costs for purposes of the increase in Basic Rent for the Expansion 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. Within fifteen Change Orders requested by Tenant shall be handled in the same manner as Change Orders for the initial Improvements. The Expansion Initial Annual Basic Rent shall be fixed for the first sixty (1560) days after Tenant exercises months following Substantial Completion of the Expansion Option, Tenant and Landlord shall execute an amendment then increase by twelve percent (12%) for the next sixty (60) month period. In addition to the Lease reflecting the addition of the Basement Space to the Premises. Once Tenant has exercised the Expansion OptionBasic Rent, Tenant shall have no further option pay all increased Additional Rent attributable to lease any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain in full force and effectExpansion. The term of Tenant's Lease of all or any portion of the Basement Space shall expire upon expiration of the initial Term of the Lease shall be extended for ten (10) years beginning with Substantial Completion of the Expansion. Basic Rent attributable to the original 505,250 square 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. The Extension Term provided in Section 32 shall begin immediately following the ten (10) year period following Substantial Completion of the Expansion. Provided that Tenant's credit at the time of Expansion is at least as good as at the time of execution of this Lease, unless sooner terminated Landlord shall use its best efforts to finance the 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 Indianapolis area. In no event shall FMV be less than $14,000,000 in the year 2002 and increasing annually thereafter by Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallyCPI.

Appears in 1 contract

Samples: Lease Agreement (Guitar Center Inc)

Expansion Option. Paragraph 42 of the Lease shall be amended to reflect that Tenant shall have the option to expand (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"). Tenant must comply with the provisions 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 Premises to include the first, second and/or third floors in the Building which are schematically depicted on the floor plans attached hereto as Exhibit A-3 (the "Expansion Space") provided ----------- that the Expansion Space actually leased, provided that (i) Tenant may not lease an amount of square footage or a configuration which would leave if any, shall be in whole floor increments and must be contiguous to the remaining Basement Space unusable by Landlord; (ii) Initial Premises. Tenant's exercise of the Expansion Option shall be contingent upon Landlordpersonal to Tenant and may not be exercised by any Transferee without Xxxxxxxx'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 consent. If Tenant wishes 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 Premises. Once Tenant has exercised exercise the Expansion Option, Tenant shall have no further option notify Landlord in writing by April 30, 2000 (the "Notification Date"). Tenant's notice shall not be revocable and must specify how many floors of the Expansion Space will be included in the Premises. If Tenant timely exercises the Expansion Option the Expansion Space described in Tenant's notice shall be added to and become part of the Initial Premises for all purposes under this Lease, and all of the terms and conditions hereof shall apply to such Expansion Space, except that Base Rent applicable to the Expansion Space shall be as set forth in the Basic Lease Information Sheet. If Tenant exercises the Expansion Option on all of the Expansion Space prior to the Notification Date then the Base Rent for the entire Premises shall be adjusted as set forth in the Basic Lease Information Sheet. Notwithstanding anything to the contrary in this Section 1.1(b), Xxxxxx's right to lease the Expansion Space -------------- hereunder shall not be exercisable by Xxxxxx at any additional portion of the Basement Space. All other provisions of Paragraph 42 shall remain time during which Tenant is 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 default under this Lease. If Tenant does not exercise deliver a notice to Landlord exercising the Expansion Option on or before October 1the Notification Date, 1994, it Tenant's Expansion Option shall expire automaticallyterminate and shall be of no further force and effect. If Tenant exercises its Expansion Option then Tenant shall include the Expansion Space in all of its plans pursuant to Exhibit C and Tenant's failure --------- to do so shall constitute a Tenant Delay thereunder and Landlord shall be relieved of its obligation to deliver the Expansion Space to Tenant with the balance of the Initial Premises.

Appears in 1 contract

Samples: Tenant Estoppel Agreement (Homegrocer Com Inc)

Expansion Option. Paragraph 42 of the Lease shall be amended to reflect that Tenant shall have the option right on the fifth (5th) anniversary of the "Expansion Option") Rental Commencement Date to lease up to Five Thousand, an additional Three Thousand Two Hundred Thirty Eighty (5,2303,280) square feet feet, on the first floor of space located the Building, 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 basement size of the Building 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 "Basement Additional Space"). Tenant must comply with the provisions of Paragraph 42 of the Lease regarding notification to the Landlord should Tenant choose to exercise the Expansion Option. Tenant is not required shall only be entitled to lease the entire square footage Additional Space in increments to be determined by the size of the Basement 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 provide Tenant with an improvement allowance for the Additional Space equal to the then "Fair Market" (as defined in the 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 shall provide Landlord with nine (i9) Tenant may not lease an amount months prior written notice of square footage or a configuration which would leave its election to expand into the remaining Basement Additional Space unusable by Landlord; (ii) Tenant's exercise in accordance 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 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 Additional Space to the Premises. Once Tenant has exercised the Expansion OptionTenant, Tenant shall have no further option ninety (90) days to lease any additional portion construct its leasehold improvements to the Additional Space with Rent to commence for the Additional Space on the earlier of occupancy for the purpose of conducting its business of the Basement Space. All other provisions Additional Space by Tenant or ninety (90) days from the delivery of Paragraph 42 shall remain in full force and effect. The term of Tenant's Lease of all or any portion possession of the Basement Additional Space shall expire upon expiration of the Term of the Lease, unless sooner terminated by to Tenant in accordance with Paragraph 42 of the Lease. If Tenant does not exercise the Expansion Option on or before October 1, 1994, it shall expire automaticallyfor its leasehold improvements.

Appears in 1 contract

Samples: Wackenhut Corp

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