Expansion Options. Tenant shall have the following options to add space in the Building to the Premises:
Expansion Options. Tenant shall have expansion rights as to spaces described below. Option Spaces “1”, “2” and “3” below shall be subject to Landlord’s and Tenant’s final approval of exact location of such Option Space based upon the Tenant’s final determination of the exact location and size of the Leased Premises, which, as set forth herein, shall be determined no later than March 1, 2013, it being intended by both parties that Option Space 1 shall be a full floor and shall be contiguous to the Leased Premises and that Option Space 2 shall be a full floor and shall be contiguous to the Leased Premises or to Option Space 1. For example only, if the initial Leased Premises includes premises on the 5th floor, then Option Space 1 and Option Space 2 will be substantially as depicted on Schedule “G-1” hereto, but if the initial Leased Premises do not include premises on the 5th floor, then Option Space 1 and Option Space 2 will be on the 5th and 4th floors, respectively. The determination of the location of Option Spaces shall be memorialized in writing by the parties on or before March 15, 2013 following Tenant’s election as to the size of the initial Leased Premises. If leased by Tenant within the required time periods, Option Space 1 and Option Space 2 shall be leased on the same terms and conditions of the initial Lease, with the Allowance, Abatement and any other rental concessions prorated for the remaining Term, all as set forth below, and the Term for such space(s) shall be co-terminus with the initial Term. If leased by Tenant, Option Space 3 will be leased in accordance with the terms below. Tenant’s expansion options are as follows:
Expansion Options. To accommodate Tenant’s expansion needs, Landlord hereby gives Tenant an option to lease (the “Expansion Option”) up to one hundred percent (100%), but not less than fifty percent (50%), of a building of approximately one-hundred thousand ( 100,000) square feet, or of whatever size the City of Raleigh will allow (the “Expansion Building”) to be constructed by Landlord on the land shown on the attached Exhibit B-1. The initial term of the Expansion Option shall commence upon the Commencement Date hereof and shall automatically expire on January 1, 2003. The Expansion Option shall be at no cost to Tenant for the initial term. If Tenant elects to lease the Expansion Building, such lease shall contain substantially the same terms and conditions as in this Lease with the specific business terms to be agreed upon between the parties within thirty (30) days of receipt of detailed plans and specifications for the Tenant Improvements. Landlord will provide to Tenant a “bid” to construct the new building and all improvements. If Tenant elects to lease one hundred percent (100%) of the Expansion Building, Tenant may obtain bids for the construction from two other qualified, licensed, general contractors. If Tenant wishes to use one of the other contractors, Tenant must submit the bid and all supporting and related documentation to Landlord. Upon receipt of the competing bid with supporting documentation, Landlord will have thirty (30) days to notify Tenant as to whether Landlord will match the bid or allow Tenant to use the other contractor. If Landlord elects to allow Tenant to use the other contractor, Tenant must do so and, prior to commencing construction, must deliver to Landlord a letter of credit in the amount of the bid and in the form required by the Lease as shown on Exhibit H. If Tenant elects to lease less than one hundred percent (100%) of the Expansion Building, Tenant must use Landlord for all construction. All negotiations concerning the Expansion Option must be conducted in good faith with the parties using their best efforts to reach an agreement. All negotiations and a fully executed lease must be completed prior to the expiration of the Expansion Option term (initial or extended, as applicable), failure to do so being an absolute bar of Tenant’s rights under the Expansion Option. Time is of the essence with regard to the Expansion Option
Expansion Options. 27.1 Lessee shall have four (4) options to add between 6,000 and 8,000 RSF to its leased premises each time. Such option space shall first be the portion (if any) of floors 18-20 not included in the initial leased premises, and then at Lessor’s election on floors contiguous to the initial leased premises (i.e., floors 17 or 21) or contiguous to floors containing exercised expansion space. Option space will be on the same floor until at least two-thirds of such floor has been added to the leased premises. If part of the leased premises is on floors which are only partially leased by Lessee and the total usable area on such partially leased floors exceeds the average usable area of each such floor, then Lessee’s rent for such space on partially leased floors (based on the rentable area of such space) will be determined using the full floor load factor on the usable area of space on partially leased floors equal to the average usable area of such floors and the partial floor load factor upon the usable area of the balance of such space. For example, if Lessee is leasing 15,000 USF on floor 18, 17,000 USF on floor 17 and 8,000 USF on floor 21 for a total of 40,000 USF on such floors, and the average useable area of floors 17, 18 and 21 is 18,000 USF, then Lessee’s rent for such space shall be determined by applying the full floor load factor on 36,000 USF (18,000 USF x 2) and the partial floor load factor on 4,000 USF (40,000 USF - 36,000 USF). The first, second, third and fourth option spaces shall be added to the Premises on dates specified by Lessor between (1) July 1, 1995 and June 30, 1996, (2) July 1, 1997 and June 30, 1998, (3) July 1, 1999 and June 30, 2000, and (4) July 1, 2001 and June 30, 2002, respectively. Lessor shall use its best efforts so that not less than eighteen months nor more than thirty months pass between expansion space availability dates.
Expansion Options. Tenant shall have one or more options (exercised at Tenant’s direction) to expand the Premises (each an “Expansion Option”) to include all or any portion of the 440 Building (the “440 Expansion Premises”) and all or any portion of the 430 Building that is (i) unoccupied by any third party as of the date hereof and (ii) not subject to any expansion or other rights of occupancy or possession of any third party as of the date hereof (the “430 Expansion Premises,” and together with the 440 Expansion Premises, collectively, the “Expansion Premises”), in each case exercisable by written notice (the “Expansion Notice”) delivered to Landlord specifying the portion of the Expansion Premises which Tenant elects to utilize as part of the Premises and the date when Tenant desires the term commencement date with regard to such Expansion Premises to occur (the “Expansion Delivery Date”); provided, however, that (a) all such Expansion Options must be exercised on or before the five (5) year anniversary of the Rent Commencement Date for the Initial Premises, the “Expansion Option Termination Date”), (b) the Expansion Delivery Date specified in such Expansion Notice shall be no earlier than six (6) months and no later than seven (7) months after the date of such Expansion Notice, (c) the Expansion Premises specified in such Expansion Notice shall be in full floor increments, (d) Tenant may not exercise an Expansion Option with respect to any 430 Expansion Premises unless it has previously or simultaneously with such exercise, exercised all of its Expansion Options with respect to the 440 Expansion Premises, and (e) Tenant shall not then be in Default. From and after the Expansion Delivery Date for any Expansion Premises, this Lease shall be automatically amended to include the Expansion Premises specified in such Expansion Notice within the Premises (without the need for any further agreement amending this Lease), it being expressly understood that, except as specifically provided otherwise, all of the terms and conditions set forth in this Lease shall apply to such Expansion Premises. Tenant’s right to exercise any Expansion Option shall automatically terminate and be of no further force or effect as of the Expansion Option Termination Date.
Expansion Options. Subject to the terms and conditions set forth in this Section 1.2, Landlord grants to Tenant options to add space ("Expansion Space") to the Premises as follows:
Expansion Options. (a) Expansion Areas. Tenant shall have two options (each, an "Expansion Option") to expand the Premises in accordance with the provisions of this Section to include (i) the Swing Space (referenced herein as “Expansion Area A”) and (ii) the space on the 4th Floor of the North Pod of the Building known as Suite 425, containing approximately 11,396 square feet of Rentable Floor Area as shown on Exhibit A-2 (referenced herein as “Expansion Area B”) (each herein, an "Expansion Area" and together the “Expansion Areas”). The “
Expansion Options. At the option of Guest, Host shall expand the Building as hereinafter provided.
Expansion Options. All Option rights granted to the Tenant by the Original Lease for expanding into additional space at the Building, specifically but not exclusively Exhibit F, Section 1 of the Original Lease for the 2nd Floor of the Building and Exhibit F, Section 2 of the Original Lease for the 3rd Floor of the Building, are hereby terminated.
Expansion Options. For the first two years following the Agreement Date, JT shall have options to expand the Collaboration to include the areas of Indication #2 (as such term is defined on Exhibit A attached hereto) (the "Indication #2 Option") and Indication #3 (as such term is defined on Exhibit A attached hereto) (the "Indication #3 Option") upon the terms and conditions contained in this Agreement. If the Research Program with respect to Indication #1 is terminated by JT pursuant to Section 2.6 prior to the exercise or expiration of either Indication #2 Option or Indication #3 Option, JT shall inform Gene Logic in writing prior to the expiration of the applicable six-month notice period of whether or not JT will be exercising either or both of such options prior to its expiration and if so, when it will exercise such option. In the event that JT does not exercise the Indication #2 Option or the Indication #3 Option prior to the expiration of the two-year period following the Agreement Date or their earlier termination as provided in this Section 6.1, then Gene Logic shall thereafter be free to grant rights to a Third Party in the areas of Indication #2 or Indication #3, as applicable.
