Hold Space Premises Clause Samples
The "Hold Space Premises" clause establishes the obligation for one party, typically a landlord or property owner, to reserve or maintain a specific area or premises for the use of another party, such as a tenant or licensee. In practice, this means the designated space cannot be leased, licensed, or otherwise made available to third parties during the agreed period, ensuring its availability for the intended user. This clause is essential for guaranteeing that the party requiring the space can rely on its exclusive use, thereby preventing double-booking or conflicting arrangements.
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Hold Space Premises. Provided that Evolent is not then in Default and has not been in Default more than once during the Term, in each case both at the time of exercise of the option hereinafter granted and at the time of the commencement of the term as to the Hold Space Premises (as hereinafter defined), then solely during the period commencing on the Effective Date (as defined in Section 2.A. hereof) and ending on December 1, 2012 (the “Notice Outside Date”), Evolent shall have a one-time option to lease from Landlord all or a portion of that certain other office space located on the sixth (6th) floor of the Building (the “Hold Space Premises”), which Hold Space Premises shall be not less than 14,560 square feet of rentable area, and not more than 29,120 square feet of rentable area (i.e., all rentable office space on the sixth (6th) floor of the Building); provided, however, that in the event that Evolent elects to lease less than all of the office space on the sixth (6th) floor of the Building, then the Hold Space Premises shall be configured such that it runs from the rear portion of the sixth (6th) floor of the Building to the front portion of the sixth (6th) floor of the Building, as depicted on Exhibit H attached hereto. The Hold Space Premises, when so leased to Evolent, shall become part of the Premises and shall be subject to the terms and conditions of this Lease then prevailing, except as follows:
(1) The term as to the Hold Space Premises leased by Evolent pursuant to this Section 45 shall commence on the “Hold Space Premises Commencement Date”, which shall be the earlier to occur of (i) the date on which Evolent commences beneficial occupancy of the Hold Space Premises for the conduct of its business operations therein, or (ii) the first (1st) anniversary of the Lease Commencement Date under this Lease with respect to the Premises. All construction and improvements to be performed with respect to any portion of the Hold Space Premises shall be performed by Evolent, at its sole cost and expense (subject to the Hold Space Premises Tenant Allowance described in clause (5) below), in accordance with the terms and conditions of this Lease, including, but not limited to, Exhibit C attached hereto. The term as to the Hold Space Premises leased by Evolent hereunder shall continue for the remainder of the Term existing as of the Hold Space Premises Commencement Date, and the exercise of any option to extend the Term by Evolent pursuant to Section 43 of this Lease shall al...