Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further notice at the expiration of the Lease Term. Any holding over by Tenant after termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows: (a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default. (b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser. (c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control. (d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Lease Agreement (Corporate Office Properties Trust Inc)
Holding Over. Unless earlier terminated If Tenant remains in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further notice at possession of the Premises after the expiration of the Lease Term. Any holding over by Tenant after or earlier termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the express written consent of Landlord Landlord, Tenant’s occupancy shall be construed (unless otherwise expressly agreed to by the parties in writing) be a month-to-month tenancy from month at a rent equal to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Monthly Rent in effect and Additional Rent payable under this Lease during the last full month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following date of the expiration of this Lease. Except as provided in the Lease Term. In preceding sentence, the absence of such agreement as to the Fair Market Rent, it month-to-month tenancy shall be determined as follows:
(a) Each party on the terms and conditions of this Lease, except that any renewal options, expansion options, rights of first refusal, rights of first negotiation or any other rights or options pertaining to additional space in the Building contained in this Lease shall appoint an Appraiser within fifteen (15) days after notice of failure be deemed to agree given by one party to the other, have terminated and shall advise the be inapplicable thereto. Landlord’s acceptance of rent after such holding over with Landlord’s written consent shall not result in any other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint tenancy or in a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month renewal of the hold over periodoriginal term of this Lease. In the event of their inability to agree upon the Base Annual Rent for each month If Tenant remains in possession of the hold over Premises after the expiration or earlier termination of this Lease without Landlord’s consent, Tenant’s continued possession shall be on the basis of a tenancy at sufferance and Tenant shall pay as Monthly Rent during the holdover period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten (i) for the first month of such holdover, one hundred fifty percent (10150%) of the higher Monthly Rent and Additional Rent payable under this Lease during the last full month prior to the date of the expiration of this Lease and (ii) thereafter, such percentage shall increase to two hundred percent (2200%) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be Monthly Rent and Additional Rent payable under this Lease during the mean of such two amounts, and it shall not be necessary last full month prior to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month date of the hold over period shall be final so long as it is within the limits expiration of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall controlthis Lease.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless In the event Tenant or any party under Tenant claiming rights to this Lease, retains possession of the Premises after the expiration or earlier terminated termination of this Lease, such possession shall constitute and be construed as a tenancy at will only, subject, however, to all of the terms, provisions, covenants and agreements on the part of Tenant hereunder; such parties shall be subject to immediate eviction and removal and Tenant or any such party shall pay Landlord as rent for the period of such holdover an amount equal to one and one-quarter (1 1/4) times the Basic Annual Rent and Additional Rent (as hereinafter defined) in effect immediately preceding expiration or termination, as applicable, prorated on a daily basis. Tenant shall also pay any and all damages, excepting only exemplary and punitive damages, sustained by Landlord as a result of such holdover. The rent during such holdover period shall be payable to Landlord from time to time on demand; provided, however, if no demand is made during a particular month, holdover rent accruing during such month shall be paid in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further the provisions of Article 2. Tenant will vacate the Premises and deliver same to Landlord immediately upon Tenant’s receipt of notice at the expiration of the Lease Termfrom Landlord to so vacate. Any No holding over by Tenant, whether with or without consent of Landlord, shall operate to extend the term of this Lease; no payments of money by Tenant to Landlord after the expiration or earlier termination of this Lease shall not constitute a renewal reinstate, continue or extend the term of this Lease; and no extension of this Lease after the expiration PRESCIENT APPLIED INTELLIGENCE, INC. Office Lease - One Galleria Tower or give earlier termination thereof shall be valid unless and until the same shall be reduced to writing and signed by both Landlord and Tenant. If Landlord elects to cause Tenant to be ejected from the Premises through judicial process and without in any way limiting Landlord’s rights in or under subsection 1.302 above, Tenant agrees that Landlord will not be required to deliver Tenant more than one (1) days’ advance notice to vacate prior to Landlord’s filing of a forcible detainer suit. In addition, the prevailing party shall be entitled to the Leased Premises. Any holding over after such expiration with the consent payment of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent its reasonable legal fees in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined forcible detainer or other legal action brought by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third AppraiserLandlord.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Office Lease Agreement (Prescient Applied Intelligence, Inc.)
Holding Over. Unless Except for any permitted occupancy by Tenant under Article VIII, if Tenant fails to surrender the Premises at the expiration or earlier terminated in accordance with this Lease or duly extended in accordance with termination of this Lease, occupancy of the Premises after the termination or expiration shall be that of a tenant at sufferance. Tenant’s occupancy of the Premises during the holdover shall be subject to all the terms and provisions of this Lease; provided, however, (a) during the first two (2) months following the expiration or earlier termination of this Lease, Tenant shall pay an amount equal to 125 % of the Base Rent due for the period immediately preceding the holdover; and (b) during the third (3rd) month after the expiration or earlier termination of this Lease and for each month thereafter, Tenant shall terminate without further notice at pay an amount equal to 150% of the Base Rent due for the period immediately preceding the holdover. In addition, for the first month following the expiration or earlier termination of the Lease Termthis Lease, all Rents shall be prorated on a per diem basis for any partial month of Tenant’s occupancy. Any holding over Thereafter, all Rents shall be calculated on a monthly basis without reduction for partial months. No holdover by Tenant or payment by Tenant after the expiration or early termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy extend the Term or prevent Landlord from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) immediate recovery of possession of the higher Premises by summary proceedings or otherwise. Except for the payment of one hundred fifty percent holdover rent as provided in this Article XXV, Tenant shall not be liable to Landlord for any damages of any kind or nature (150%including special or consequential damages) as a result of Tenant’s holdover in the Premises; provided, however, if (i) Landlord enters into a lease for the Premises with a bona fide third party; (ii) the terms of such lease requires Landlord to perform improvements to the Premises or that Landlord to deliver possession of the Base Annual Rent in effect during the last month prior Premises to such termination third party (for the purpose of its occupancy or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between to perform improvements) during Tenant’s hold over period; (iii) Landlord and provides Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within with not less than fifteen (15) days after prior written notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that existence of the third Appraiser shall control.
party lease and the date that Landlord is contractually obligated to deliver exclusive physical possession of the Premises to the tenant or the date that Landlord must commence improvements in the Premises in order to timely deliver the Premises to the tenant; (div) Tenant fails to surrender possession of the Premises to Landlord on or before the date specified in the Landlord’s notice; and (v) the third party tenant terminates its lease or Landlord incurs actual costs and expenses as a result of Tenant’s failure to timely vacate the Premises, then Tenant shall divide equally be liable to Landlord for any costs, expenses and/or damages (including, without limitation, any penalty, reimbursement or other concession Landlord is required to give the charges imposed third party as a result of Tenant’s failure to timely vacate) which is sustained by Appraisers selected under this Paragraph 15.2Landlord resulting from the termination of the third party lease or the delay in delivering possession of the Premises to such third party tenant.
Appears in 1 contract
Holding Over. Unless If Tenant shall, for any reason, remain in possession of any Leased Property after the expiration or earlier terminated in accordance with this Lease or duly extended in accordance with this Leasetermination of the Term as to such Leased Property, this Lease shall terminate without further notice such possession shall, at the expiration option of the Lease Term. Any holding over by Tenant after termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights Landlord, in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement its sole discretion as to the Fair Market each such Leased Property, be as a month-to-month tenant during which time Tenant shall pay as rental each month (which rental constitutes liquidated damages with respect to Rent, and not a penalty for the period to which it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the otherrelates), and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish times the Base Annual Rent for each month aggregate of the hold over period. In Fixed Rent payable by Tenant pursuant to the event provisions of their inability this Lease, in each case, with respect to agree upon the Base Annual Rent for each month Leased Property(ies) in question (determined on the basis of the hold over aggregate Tenant's Proportionate Share of each applicable Tenant for the affected Leased Properties without adjustment or removal of the Tenant's Proportionate Share for such Leased Property pursuant to Section 17.9 hereof). During such period within thirty of month-to-month tenancy, Tenant shall be obligated to perform and observe all of the terms, covenants and conditions of this Lease with respect to the Leased Property(ies) in question (30) days after their appointmentincluding, then but not limited to, its obligation to pay Additional Rent), but shall have no rights hereunder other than the right, to the extent given by law to month-to-month tenancies, to continue its occupancy and use of the applicable Leased Property(ies). Landlord shall appoint a third Appraiser, provided however, that if have the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal right to terminate Tenant's month-to-month tenancy at any time after giving Tenant ten percent (10%) days' prior written notice, and at any time thereafter, Landlord may re-enter and take possession of the higher Premises. Nothing contained herein shall constitute the consent, express or implied, of Landlord to the two (2) amounts so determined, then holding over of Tenant after the Base Annual Rent for each month expiration or earlier termination of the hold over period in question this Lease. The terms of this Section 19 shall be without limitation upon any other right Landlord may have hereunder, at law or in equity, on account of any holdover with respect to the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiserapplicable Leased Property(ies). In The obligations of Tenant and the event that rights of Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, contained in such event, this Section 19 shall survive the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiserexpiration or earlier termination of this Lease.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Master Lease Agreement (Ventas Inc)
Holding Over. Unless Should Tenant hold over after the Expiration Date or earlier terminated in accordance with this Lease or duly extended in accordance with termination of this Lease, this Lease Tenant shall terminate without further notice at the expiration of the Lease Term. Any become a tenant from month-to- month only and any such holding over by Tenant after termination shall not constitute an extension of this Lease. During such holding over, ▇▇▇▇▇▇'s Minimum Rent as set forth in Section 3.1 of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one two hundred fifty percent (150200%) of the Base Annual Minimum Rent in effect during the last month immediately prior to such termination hold over period (the “Holdover Rent”), plus all Additional Rent and plus the average monthly Percentage Rent (if the payment of Percentage Rent is required under this Lease) paid during the prior year, if applicable. When the Holdover Rent is determined, Landlord shall give Tenant written notice indicating the amount thereof, however, ▇▇▇▇▇▇▇▇’s failure to provide or timely provide such notice or Landlord’s acceptance thereafter of the then current Fair Market RentMinimum Rent in effect immediately prior to such holdover shall not be deemed a waiver of Landlord’s right to collect any and all Holdover Rent owed it from and after the commencement of such holdover. The current Fair Market Rent Should Tenant hold over for any portion of a month, Tenant shall be determined by agreement between Landlord and Tenant within thirty (30) days following liable for Holdover Rent for the expiration of entire month. Notwithstanding the Lease Term. In the absence of such agreement as to the Fair Market Rentforegoing, it shall be determined as follows:
nothing contained in this Article shall: (a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure constitute Landlord’s consent, either express or implied, for Tenant to agree given by one party to hold over following the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
Expiration Date; or (b) The two affect Landlord’s rights of re-entry or any other rights of Landlord hereunder or as otherwise provided by law. Tenant shall indemnify, protect, defend (2by counsel approved in writing by ▇▇▇▇▇▇▇▇ and, as applicable, ▇▇▇▇▇▇▇▇'s insurance carrier) Appraisers appointed in either manner shall then proceed and hold Landlord harmless from and against any and all claims, judgments, suits, causes of action, damages, losses, liabilities and expenses (including reasonable attorneys' fees and court costs) resulting from such failure to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointmentsurrender, then Landlord shall appoint a third Appraiserincluding, provided howeverwithout limitation, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent any claim made by an Appraiser appointed pursuant to 15.2(a) above which is any succeeding tenant based thereon. The foregoing indemnity shall survive the closest to that expiration or earlier termination of the third Appraiser shall controlthis Lease.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Shopping Center Lease
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further notice at If Tenant holds over after the expiration of the Lease Term. Any holding over by Tenant after termination Term with the express written consent of this Lease Landlord, such tenancy shall be from month-to-month only, and shall not constitute a renewal hereof or an extension of the Lease or give Tenant for any rights further term, and in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord case Base Rent shall be construed to be payable at a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher rate of one hundred fifty percent (150%) of the Base Annual Rent in effect applicable during the last rental period of the Lease Term under this Lease. Such month-to-month tenancy shall be subject to every other applicable term, covenant and agreement contained herein. If Tenant holds over after the expiration of the Lease Term without the express written consent of Landlord, such tenancy shall be a tenancy at sufferance, and shall not constitute a renewal hereof or an extension for any further term, and in such case daily damages in any action to recover possession of the Premises shall be calculated at a daily rate equal to one hundred fifty percent (150%) of the Base Rent applicable during the last rental period of the Lease Term under this Lease (calculated on a per diem basis). Notwithstanding the foregoing, Tenant shall have the one-time right, upon notice (the "Holdover Notice") to Landlord not less than six (6) months prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In , to extend the absence Lease Term for a period of such agreement as up to the Fair Market Rent, it three (3) months (which period shall be determined as follows:
set forth in the Holdover Notice) (the "Permitted Holdover Term"), in which case the Base Rent payable by Tenant during such Permitted Holdover Term shall equal (a) Each party shall appoint an Appraiser within fifteen one hundred twenty-five (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10125%) of the higher Base Rent applicable during the last rental period of the two Lease Term under this Lease for the first month of any such Permitted Holdover Term, and (2b) amounts so determined, then one hundred fifty percent (150%) of the Base Annual Rent for each month applicable during the last rental period of the hold over period Lease Term under this Lease for the second and/or third months of any such Permitted Holdover Term. Except with respect to the Permitted Holdover Term, nothing contained in question this Article 16 shall be the mean of such two amountsconstrued as consent by Landlord to any holding over by Tenant, and it Landlord expressly reserves the right to require Tenant to vacate and deliver possession of the Premises to Landlord as provided in this Lease upon the expiration or other termination of this Lease. The provisions of this Article 16 shall not be deemed to limit or constitute a waiver of any other rights or remedies of Landlord provided herein or at law. If Tenant holds over without Landlord's express written consent, and tenders payment of rent for any period beyond the expiration of the Lease Term by way of check (whether directly to Landlord, its agents, or to a lock box) or wire transfer, Tenant acknowledges and agrees that the cashing of such check or acceptance of such wire shall be considered inadvertent and not be construed as creating a month-to-month tenancy, provided Landlord refunds such payment to Tenant promptly upon learning that such check has been cashed or wire transfer received. Tenant acknowledges that any holding over without Landlord’s express written consent may compromise or otherwise affect Landlord's ability to enter into new leases with prospective tenants regarding the Premises. Therefore, if Tenant fails to vacate and deliver the Premises upon the termination or expiration of this Lease, in addition to any other liabilities to Landlord accruing therefrom, Tenant shall protect, defend, indemnify and hold Landlord harmless from and against all claims made by any succeeding tenant founded upon such failure to vacate and deliver, and any losses suffered by Landlord, including lost profits, resulting from such failure to vacate and deliver. Tenant agrees that any proceedings necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month recover possession of the hold over period Premises, whether before or after expiration of the Lease Term, shall be final so long as it is within considered an action to enforce the limits terms of this Lease for purposes of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination awarding of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall controlany attorney’s fees in connection therewith.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Office Lease (DermTech, Inc.)
Holding Over. Unless Subtenant hereby agrees that, except as otherwise provided in this Article 16, upon the expiration or any earlier terminated termination of this Sublease, Sublandlord shall be entitled, without further notice to Subtenant, to immediate possession of the Sublease Premises and to the execution of a warrant of eviction by any Marshal of the City of New York; and Subtenant hereby waives service of any notice of eviction or similar notice. Tenant additionally waives any right to appeal from or contest the entry of any final judgment of possession, the issuance of a warrant of eviction, or the execution on the warrant by a Marshal of the City of New York. Additionally, and without limiting the foregoing, Subtenant hereby specifically waives any and all rights to apply to any court for any stay of the execution of the warrant of eviction or to seek any judicial relief permitting Subtenant to remain in the Sublease Premises beyond the expiration or any earlier termination of this Sublease. In furtherance of the foregoing, Subtenant shall, at Subtenant’s expense and at Sublandlord’s direction, enter into a summary holdover proceeding (the “Holdover Proceeding”) and a stipulation (“Stipulation”) which shall provide for a judgment granting possession of the Sublease Premises to Sublandlord and the immediate issuance of a warrant of eviction (“Warrant of Eviction”) in favor of Sublandlord (which Stipulation shall be filed with a court having jurisdiction over the subject matter thereof and be “so ordered”) which shall be stayed until the earlier to occur of (i) the Expiration Date, or (ii) any earlier date upon which this Sublease shall terminate pursuant to the provisions of the Lease (including, without limitation, the provisions of Paragraph 51 of the Lease). Subtenant shall, to the extent required by Sublandlord, renew, restate or modify the Holdover Proceeding, the Stipulation and the Warrant of Eviction from time to time (but not more often than annually), in order to assure the enforceability of said agreements, instruments and proceedings and to permit Sublandlord to fully realize the benefits thereof. The parties recognize and agree that the damage to Sublandlord resulting from any failure by Subtenant to timely surrender possession of the Sublease Premises as aforesaid will be substantial and will exceed the amount of the monthly installments of the Fixed Rent payable hereunder and will be impossible to accurately measure. Subtenant therefore agrees that if possession of the Sublease Premises is not surrendered to Sublandlord on the Expiration Date or sooner termination of the Term, in addition to any other right or remedy Sublandlord may have hereunder or at law or in equity, Subtenant shall pay to Sublandlord for each month and for each portion of any month during which Subtenant holds over in the Sublease Premises after the Expiration Date or sooner termination of this Sublease: (i) a sum equal to 150% of the aggregate of the portion of the Fixed Rent and Escalation Rent which were payable hereunder with respect to the last month of the Term, plus (ii) all costs, expenses, losses and damages (including without limitation, consequential damages) for which Sublandlord may be liable under the Lease as a result of Subtenant’s holding over in the Sublease Premises. Nothing herein contained shall be deemed to permit Subtenant to retain possession of the Sublease Premises after the Expiration Date or sooner termination of this Sublease; and no acceptance by Sublandlord of payments from Subtenant after the Expiration Date or sooner termination of the Term shall be deemed to be other than on account of the amount to be paid by Subtenant in accordance with the provisions of this Lease Section, which provisions shall survive the Expiration Date or duly extended in accordance with this Lease, this Lease shall terminate without further notice at the expiration of the Lease Term. Any holding over by Tenant after sooner termination of this Lease shall not constitute a renewal or extension Sublease. Notwithstanding any provision of the Lease or give Tenant any rights in or this Article 18 to the Leased Premises. Any holding over after such expiration with contrary, if the consent of Landlord shall be construed to be a tenancy from month to month Direct Lease is in full force and effect on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointmentExpiration Date, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it Sublandlord shall not be necessary entitled to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month exercise any of the hold over period rights and remedies set forth in this Article 16. This provision shall be final so long as it is within survive the limits Expiration Date or the sooner termination of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall controlLease.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Sublease (MF Global Holdings Ltd.)
Holding Over. Unless earlier terminated in accordance If Tenant, with this Lease or duly extended in accordance with this Leasewithout the express or implied ------------ consent of Landlord, this Lease shall terminate without further notice at continues to hold and occupy the Leased Property after the expiration of the Lease Term. Any Term or earlier termination of this Lease, such holding over beyond the Term and the acceptance or collection of Rent in the amount specified below by Landlord shall operate and be construed as creating a tenancy from month-to-month and not for any other term whatsoever. Said month-to-month tenancy may be terminated by Landlord by giving Tenant 5 days written notice, and at any time thereafter Landlord may re-enter and take possession of the Leased Property. If Tenant continues after the expiration of the Term or earlier termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to hold and occupy the Leased Premises. Any holding over after Property whether as a month-to-month tenant or a tenant at sufferance or otherwise, Tenant shall pay Rent for each month in an amount equal to two times the sum of [i] the Base Rent payable during the month in which such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual or termination occurs, plus [ii] all Additional Rent in effect accruing during the last month prior month, plus [iii] any and all other sums payable by Tenant pursuant to such termination or the then current Fair Market Rentthis Lease. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following During any continued tenancy after the expiration of the Lease Term. In Term or earlier termination of this Lease, Tenant shall be obligated to perform and observe all of the absence terms, covenants and conditions of such agreement as this Lease, but shall have no rights hereunder other than the right, to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree extent given by one party applicable law, to continue its occupancy and use of the Leased Property until the tenancy is terminated. Nothing contained herein shall constitute the consent, express or implied, of Landlord to the other, and shall advise holding over of Tenant after the other party expiration or earlier termination of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultthis Lease.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Lease Agreement (Just Like Home Inc)
Holding Over. Unless earlier terminated in accordance with this Lease Section 22.1. Tenant acknowledges that it is extremely important that Landlord have substantial advance notice of the date on which Tenant will vacate the Premises, and that if Tenant fails to surrender the Premises or duly extended in accordance with this Lease, this Lease shall terminate without further notice any portion thereof at the expiration or earlier termination of the Lease Term, then it will be conclusively presumed that the value to Tenant of remaining in possession, and the loss that will be suffered by Landlord as a result thereof, far exceed the Base Rent and additional rent that would have been payable had the Lease Term continued during such holdover period. Any holding over Therefore, if Tenant (or anyone claiming through Tenant) does not immediately surrender the Premises or any portion thereof upon the expiration or earlier termination of the Lease Term, then the monthly holdover rent payable by Tenant after termination (x) for the first thirty (30) days of such holding over, shall be equal to the greater of (i) fair market rent for the entire Premises, or (ii) the additional rent and other sums that would have been payable pursuant to the provisions of this Lease shall not constitute a renewal or extension of if the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after Term had continued during such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of holdover period plus one hundred fifty percent (150%) of the Base Annual Rent in effect during that was payable for the last full calendar month prior to such expiration or earlier termination or of the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord Lease Term, and Tenant within (y) following such thirty (30) days following day period, shall be equal to the greater of (i) fair market rent for the entire Premises, or (ii) the additional rent and other sums that would have been payable pursuant to the provisions of this Lease if the Lease Term had continued during such holdover period plus two hundred percent (200%) of the Base Rent that was payable for the last full calendar month prior to such expiration or earlier termination of the Lease Term. In Such rent shall be computed by Landlord and paid by Tenant on a monthly basis and shall be payable on the absence first day of such agreement as holdover period and the first day of each calendar month thereafter during such holdover period until the Premises have been vacated. Notwithstanding any other provision of this Lease, Landlord’s acceptance of such rent shall not in any manner adversely affect Landlord’s other rights and remedies, including Landlord’s right to the Fair Market Rent, it evict Tenant and to recover all damages. Any such holdover shall be determined as follows:
(a) Each party deemed to be a tenancy at sufferance and not a tenancy at will or tenancy from month to month. In no event shall appoint an Appraiser within fifteen (15) days after notice any holdover be deemed a permitted extension or renewal of failure to agree given by one party to the otherLease Term, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question nothing contained herein shall be the mean of such two amounts, and it shall not be necessary construed to appoint a third (3rd Appraiser). In the event that Landlord fails constitute Landlord’s consent to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant any holdover or to 15.2(a) above shall, by agreement, appoint the third Appraisergive Tenant any right with respect thereto.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Lease Agreement (Invitae Corp)
Holding Over. Unless earlier terminated If Tenant remains in accordance with this Lease possession of the Premises or duly extended in accordance with this Lease, this Lease shall terminate without further notice at any part thereof after the expiration or earlier termination of the Lease Term. Any holding over by Tenant after termination of this Lease Term hereof, such occupancy shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on upon all the same terms and conditions herein specified insofar as applicable of this Lease pertaining to the obligations of Tenant, except that the monthly rent Base Rent payable shall equal one twelfth be the greater of (1/12a) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during payable immediately preceding the last month prior to such termination Termination Date of this Lease or (b) one hundred twenty-five percent (125%) of the then current Fair Market Rent. The current Fair Market fair market Base Rent for the Premises as of the date Tenant holds over, and all Options, if any, shall be determined by agreement between Landlord deemed terminated and be of no further effect. If Tenant within thirty remains in possession of the Premises or any part thereof for more than sixty (3060) days following after the expiration of the Lease Term. In the absence of such agreement Term hereof without Landlord’s consent, Tenant may, at Landlord’s option, be treated as to the Fair Market Renta tenant at sufferance or a trespasser, it and Tenant shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure liable to agree given by one party to the other, Landlord for use and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount occupancy charges equal to ten three hundred percent (10300%) of the higher Base Rent payable immediately preceding the Termination Date of this Lease, plus all other amounts otherwise payable by Tenant under this Lease as though it continued in effect. Nothing contained herein shall be construed to constitute Landlord’s consent to Tenant holding over at the expiration or earlier termination of the two (2) amounts so determined, then Lease term or to give Tenant the Base Annual Rent for each month right to hold over after the expiration or earlier termination of the Lease term. Tenant hereby agrees to indemnify, hold over period in question shall be the mean harmless and defend Landlord from any cost, loss, claim or liability (including attorneys’ fees) Landlord may incur as a result of such two amounts, and it shall not be necessary Tenant’s failure to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month surrender possession of the hold over period shall be final so long as it is within Premises to Landlord upon the limits termination of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall controlthis Lease.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Lease Agreement (Oxigene Inc)
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this Lease, this Lease Tenant shall terminate without further notice at the expiration pay Landlord for each day Tenant retains possession of the Lease Term. Any holding over by Tenant Premises or part of them after termination of this Lease shall not constitute a renewal by lapse of time or extension of otherwise at the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord rate (“Holdover Rate”) which shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12a) of the higher of one hundred fifty percent One Hundred Fifty Percent (150%) of the Base amount of the Annual Rent in effect during for the last month period prior to the date of such termination or plus Tenant’s Proportionate Share of Expenses and Taxes under Article 4 for the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty first one (301) days following the expiration month of the Lease Term. In the absence of any such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the otherholdover, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two Two Hundred Percent (2200%) Appraisers appointed in either manner shall then proceed to establish of the Base amount of the Annual Rent for each month the last period prior to the date of the hold over period. In such termination plus Tenant’s Proportionate Share of Expenses and Taxes under Article 4 for any subsequent holdover, in either case, prorated on a daily basis, and, in the event of their inability to agree upon the Base Annual Rent Tenant holds over for each month of the hold over period within more than thirty (30) days after their appointmentLandlord provides written notice to Tenant that Landlord has entered or is entering into a lease with third party tenant for all or any portion of the Premises, then Tenant shall also pay all damages, including, without limitation consequential damages, sustained by Landlord by reason of such retention. If Landlord gives notice to Tenant of Landlord’s election to such effect, such holding over shall appoint constitute renewal of this Lease for a third Appraiserperiod from month to month at the Holdover Rate, provided however, that but if the difference between Landlord does not so elect, no such renewal shall result notwithstanding acceptance by Landlord of any sums due hereunder after such termination; and instead, a tenancy at sufferance at the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question Holdover Rate shall be the mean of such two amounts, and it shall not be necessary deemed to appoint a third (3rd Appraiser)have been created. In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such any event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination no provision of Base Annual Rent for each month of the hold over period this Article 14 shall be final so long as it is within the limits deemed to waive Landlord’s right of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected reentry or any other right under this Paragraph 15.2Lease or at law.
Appears in 1 contract
Sources: Lease (Appgate, Inc.)
Holding Over. Unless 12.1 If, with Landlord’s written consent, Tenant holds possession of all or any part of the Premises after the expiration or earlier terminated in accordance with this Lease or duly extended in accordance with termination of this Lease, this Lease Tenant shall terminate without further notice at the expiration of the Lease Term. Any holding over by Tenant after termination of this Lease shall not constitute become a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy tenant from month to month on upon the same date of such expiration or earlier termination, and in such case Tenant shall continue to pay in accordance with Article 5 the Basic Annual Rent as adjusted from the Term Commencement Date in accordance with Article 6, together with Operating Expenses in accordance with Article 7 and other Additional Rent as may be payable by Tenant, and such month-to-month tenancy shall be subject to every other term, covenant and condition contained herein. Such continued occupancy with Landlord’s consent shall include up to three (3) months so long as Tenant has given written notice to Landlord at least nine (9) months prior to such expiration or termination of the term.
12.2 If Tenant remains in possession of all or any portion of the Premises after the expiration or earlier termination of the term hereof without the express written consent of Landlord, Tenant shall become a tenant at sufferance upon the terms of this Lease as may be applicable to a tenant at sufferance and conditions herein specified insofar as applicable any such holdover shall not constitute an extension of this Lease; except that Tenant shall pay monthly rental for the monthly rent first three (3) months shall be equal to one twelfth hundred twenty percent (1/12120%) of the higher Basic Annual Rent in effect during the last twelve (12) months of the Lease term, and thereafter shall be equal to one hundred fifty percent (150%) of the Base Basic Annual Rent in effect during the last month prior to such termination or twelve (12) months of the then current Fair Market Rentregular Lease term. The current Fair Market Rent shall be determined by agreement between In addition, if Landlord and Tenant within thirty delivers ninety (3090) days following prior written notice to Tenant that a specifically identified successor occupant is ready, willing and able to move in and occupy the Premises upon the expiration or termination of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointmentterm hereof, then Landlord shall appoint a third Appraisermay pursue any and all legal remedies available to Landlord under applicable law with respect to such unconsented holding over by Tenant, provided howevermay recover all damages, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determineddirect or consequential resulting therefrom, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed indemnify, defend, and hold Landlord harmless from and against any losses, damages, or claims related thereto.
12.3 Acceptance by Appraisers selected Landlord of Rent after such expiration or earlier termination shall not result in a renewal or reinstatement of this Lease.
12.4 The foregoing provisions of this Article 12 are in addition to and do not affect Landlord’s right to re-entry or any other rights of Landlord under Article 24 or elsewhere in this Paragraph 15.2Lease or as otherwise provided by law.
Appears in 1 contract
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this Lease, this This Lease shall terminate without further notice at the expiration of on the Lease TermExpiration Date (as set forth in Article 1). Any holding over by Tenant after termination expiration of the Lease Term shall neither constitute a renewal nor extension of this Lease shall not constitute a renewal or extension of the Lease or nor give Tenant any rights in or to the Leased PremisesPremises except as expressly provided in this Paragraph. Any such holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month month, on the same terms and conditions herein specified insofar as applicable applicable, except that the monthly rent Base Monthly Rent shall be increased to an amount equal to one twelfth hundred twenty-five percent (1/12125%) of the higher Monthly Base Rent for the last month immediately preceding such holding over for the first ninety (90) days of any such holding over, and thereafter one hundred fifty percent (150%) of the Base Annual Monthly Rent in effect payable during the last full month prior immediately preceding such holding over. Without limiting the foregoing, in the event of a holding over to which Landlord has consented, any rights of Landlord or obligations of Tenant set forth in this Lease and purporting to apply during the term of this Lease, shall nonetheless also be deemed to apply during any such termination hold over period. Tenant acknowledges that if Tenant holds over without Landlord’s consent, such holding over may compromise or otherwise affect Landlord’s ability to enter into new leases with prospective tenants regarding the Leased Premises. Therefore, in the event Tenant does not vacate the Leased Premises in accordance with the terms of this Paragraph 13.2 on or before the expiration of the Lease Term (or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty expiration of a holdover term, if applicable) after receiving at least ninety (3090) days following days’ advance written notice from Landlord, delivered not earlier than the expiration of the Lease Term. In , demanding that Tenant vacate the absence Leased Premises and otherwise satisfying the requirements set forth below (a “Vacation Notice”), Tenant shall be liable for all damages (including attorneys’ fees and expenses) of whatever type (including consequential damages) incurred by Landlord as a result of such agreement as to the Fair Market Rentholding over, it and Tenant shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of protect, defend, indemnify and hold Landlord harmless from and against all claims resulting from such failure to agree given vacate, including, without limiting the foregoing, any claims made by one party any succeeding tenant founded upon such failure to surrender, and any losses suffered by Landlord, including lost profits, resulting from such failure to surrender. The Vacation Notice shall specifically refer to this Lease and the otheraddress of the Building, and shall advise include (on the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month first page of the hold over period. In Vacation Notice) the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointmentfollowing language in bold, then Landlord shall appoint a third Appraisercapitalized font: “NOTICE: UNDER PARAGRAPH 13.2 OF THE LEASE, provided howeverTENANT’S FAILURE TO VACATE THE LEASED PREMISES BY THE DATE SET FORTH HEREIN MAY RESULT IN SIGNIFICANT DAMAGES TO LANDLORD, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third AppraiserINCLUDING CONSEQUENTIAL DAMAGES.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.”
Appears in 1 contract
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further notice at the expiration of the Lease Term. Any holding over by Tenant after the expiration or earlier termination of this Lease shall not constitute a renewal or extension of the Lease Term or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration Renewal Term with the consent of Landlord Landlord, shall be construed to be a tenancy from month to month at the monthly minimum fixed rent herein specified plus one-twelfth (1/12) of the average annual Percentage Rent, if any, payable hereunder for the three lease years immediately preceding, or the entire portion of the Lease Term, if less than three (3) Lease Years plus the Shared Expense Installment Payment; plus the Tax Installment Payment and shall otherwise be on the same terms and conditions herein specified insofar so far as applicable except that applicable. If Tenant holds over or occupies the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the Premises after expiration of the Lease Term. In , or the absence earlier termination of this Lease, without Landlord's prior written consent, Tenant shall pay Landlord, as liquidated damages, for each day of such agreement as holding over a sum equal to the Fair Market Rent, it shall be determined as follows:
greater of (a) Each party shall appoint an Appraiser within fifteen (15) two times the monthly Rent prorated for the number of days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiserholding over, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
or (b) The two (2) Appraisers appointed a pro rata portion of all Additional Rent which Tenant would have been required to pay hereunder had this Lease been in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over periodeffect. In the event of their inability any unauthorized holding over, Tenant shall also indemnify Landlord against all claims for damages by any other tenant to agree upon the Base Annual Rent for each month whom Landlord may have leased all or any part of the hold over period within thirty (30) days Premises effective after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined termination of this Lease. No payments of money by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) Tenant after expiration of the higher Lease Term or the earlier termination of this Lease will reinstate, continue or extend the Lease Term; reduce the liability of Tenant to Landlord for damages; or affect any termination notice given by Landlord to Tenant. No extension of the two (2) amounts so determined, then Lease Term will be valid unless and until the Base Annual Rent for each month of the hold over period in question shall same will be the mean of such two amounts, reduced to writing and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed signed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) both Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2Tenant.
Appears in 1 contract
Holding Over. Unless earlier terminated If Tenant provides Landlord with written notice ("HOLDOVER NOTICE") at least thirty (30) days prior to expiration of the Lease Term (or any applicable Extension Term) that Tenant will be holding over in accordance with this Lease or duly extended in accordance with this Leasethe Premises, this Lease Tenant shall terminate without further notice at have the right (and, subject to the grace periods described below, the obligation) to hold over after the expiration of the Lease Term. Any holding over by Tenant Term until the date ("HOLDOVER NOTICE DATE") specified in such Holdover Notice (but not in excess of one hundred twenty (120) days after termination of this Lease shall not constitute a renewal or extension the expiration of the Lease Term or give Tenant any rights in or to the Leased Premisesapplicable Extension Term). Any holding over after such expiration with the consent of Landlord holdover tenancy (including without limitation, any holdover tenancy pursuant to a Holdover Notice) shall be construed subject to be a tenancy from month to month on the same terms every applicable term, covenant and conditions herein specified insofar as applicable agreement contained herein, except that the monthly rent Base Rent payable by Tenant for the Premises (irrespective of the amount of space Tenant continues to occupy in the Building) shall be escalated to equal one twelfth hundred ten percent (1/12110%) of the higher then current Base Rent and Direct Expenses payments for the entire Premises for the first ninety (90) days of such holdover occupancy and one hundred twenty-five percent (125%) of such amount during the next succeeding ninety (90) days and from and after such one hundred eighty (180) day period, Rent shall equal one hundred fifty percent (150%) of such amount thereafter; provided, however, subject to the Base Annual next sentence of this Article 16, such holdover Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market and Additional Rent shall be determined by agreement between prorated on a per diem basis through and including the date ("ACTUAL SURRENDER DATE") Tenant actually vacates and surrenders the Premises to Landlord in the condition required under this Lease. If Tenant properly delivers the Holdover Notice and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
Actual Surrender Date (a) Each party is earlier than the Holdover Notice Date by forty-five (45) days or less, Tenant's obligation to pay such holdover Rent and Additional Rent shall appoint an Appraiser within terminate on a per diem basis as of the Actual Surrender Date, however if the Actual Surrender Date is earlier than forty-five (45) days prior to the Holdover Notice Date, Tenant's holdover Rent and Additional Rent shall cease as of the date which is forty-five (45) days prior to the Holdover Notice Date, or (b) is later than the Holdover Notice Date, Tenant's obligation to pay holdover Rent and Additional Rent shall cease as of the Actual Surrender Date, provided that Tenant shall have no right to holdover beyond the earlier to occur of fifteen (15) days after notice the Holdover Notice Date or the expiration of failure to agree given by the one party to hundred twenty (120) period specified in the otherfirst sentence of this Article 16 above. By way of example only, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed not as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree limitation upon the Base Annual Rent for each month of foregoing, if the hold over period within thirty Holdover Notice indicates that the Holdover Notice Date is ninety (3090) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) expiration of the higher Lease Term or applicable Extension Term, Tenant shall be permitted to holdover until the date which is one hundred five (105) days after the expiration of the two (2) amounts so determined, then Lease Term or applicable Extension Term and Tenant's obligation to pay holdover Rent and Additional Rent shall be prorated on a per diem basis until the Base Annual Rent for each month later of the hold over period forty-fifth (45th) day after the expiration of the Lease Term or applicable Extension Term or the Actual Surrender Date. Nothing contained in question this Article 16 shall be the mean of such two amountsconstrued as consent by Landlord to any holding over by Tenant (except as expressly provided in this Article 16 above), and it Landlord expressly reserves the right to require Tenant to surrender possession of the Premises to Landlord as provided in this Lease upon the expiration of the Lease Term (or the period specified in clause 16(b) above, as applicable). The provisions of this Article 16 shall not be necessary deemed to appoint limit or constitute a third (3rd Appraiser)waiver of any other rights or remedies of Landlord provided herein or at law. In the event that Landlord If Tenant fails to appoint a third (3rd) Appraiser surrender the Premises within fifteen (15) days, thenthe period specified in this Article 16 above, in addition to any other liabilities to Landlord accruing therefrom, Tenant shall protect, defend, indemnify and hold Landlord harmless from all loss, costs (including reasonable attorneys' fees) and liability resulting from such eventfailure, including, without limiting the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month generality of the hold over period shall be final so long as it is within the limits foregoing, any claims made by any succeeding tenant founded upon such failure to surrender PEREGRINE SYSTEMS CORPORATE CENTER [Peregrine Systems] (including such tenant's lost profits) and any lost profits to Landlord resulting therefrom, provided Landlord promptly notified Tenant in writing of any lease or signed letter of intent for all or any portion of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall controlPremises.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Office Lease (Peregrine Systems Inc)
Holding Over. Unless earlier terminated If Tenant remains in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further notice at possession of the Premises after the expiration of the Lease Term. Any holding over by Tenant after or earlier termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the express written consent of Landlord Landlord, Tenant’s occupancy shall be construed to be a month-to-month tenancy from month to month on at a rent agreed upon by Landlord and Tenant, but in no event less than the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth greater of (1/12i) of the higher of one hundred fifty percent (150%) of the Base Annual Monthly Rent in effect and one hundred percent (100%) of the Additional Rent payable under this Lease during the last full month prior to such termination the date of the expiration of this Lease or (ii) the then current Fair Market Rentfair market rental (as reasonably determined by Landlord) for the Premises. The current Fair Market Rent Except as provided in the preceding sentence, the month-to-month tenancy shall be determined by agreement between Landlord on the terms and conditions of this Lease, except that any renewal options, expansion options, rights of first refusal, rights of first negotiation or any other rights or options pertaining to additional space in the Building contained in this Lease shall be deemed to have terminated and shall be inapplicable thereto. Landlord’s acceptance of rent after such holding over with Landlord’s written consent shall not result in any other tenancy or in a renewal of the original term of this Lease. If Tenant remains in possession of the Premises after the expiration or earlier termination of this Lease without Landlord’s consent, Tenant’s continued possession shall be on the basis of a tenancy at sufferance and Tenant within shall pay as Monthly Rent during the holdover period an amount equal to the greater of (i) for the first thirty (30) days following the expiration of such holdover, one hundred fifty percent (150%) of the Monthly Rent and one hundred percent (100%) of the Additional Rent payable under this Lease Term. In for the absence last full month prior to the date of such agreement as to expiration or termination and (ii) for the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days holdover period from and after notice of failure to agree given by one party to the other, and shall advise the other party end of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointmentday period, then Landlord such percentage applied to Monthly Rent shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C increase to two (2) Appraisers is not greater than an amount equal to ten hundred percent (10200%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Office Lease (New Relic Inc)
Holding Over. Unless earlier terminated in accordance with this Lease If Tenant shall retain possession of the Premises or duly extended in accordance with this Lease, this Lease shall terminate any part thereof without further notice at Landlord's consent following the expiration of the Lease Term. Any holding over by Tenant after Term or sooner termination of this Lease for any reason, then, Tenant shall not constitute a renewal or extension pay to Landlord for each day of such retention (i) from the date of the expiration or earlier termination of this Lease or give Tenant any rights in or to but not including the Leased Premises. Any holding over after such expiration with sixtieth (60th) day thereafter (the consent of Landlord shall be construed "Two Month Holdover Date"), Basic Rent at a rate which is equal to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Basic Rent, it shall be determined as follows:
and (aii) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the otherthereafter, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint Basic Rent at a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers rate which is not greater than an amount equal to ten two hundred percent (10200%) of the higher then Basic Rent. Tenant shall also be liable for the Holdover Percentage of Tenant's Share of Operating Expenses and all other items of additional rent and for the two (2) amounts so determinedperformance of all other Lease obligations for any holdover period. Tenant shall indemnify, then protect, defend and hold Landlord harmless from any loss or liability resulting from delay by Tenant in surrendering the Base Annual Premises, including, without limitation, any claims made by any succeeding tenant founded on such delay; provided, however, that such indemnification shall not include losses or liability incurred prior to the Two Month Holdover Date. Acceptance of Rent for each month and/or any other consideration by Landlord following expiration or termination shall not constitute a renewal of the hold over period this Lease, and nothing contained in question this Article XV shall waive Landlord's right of reentry or any other right. Tenant shall be the mean of such two amountsonly a tenant at sufferance, and it shall whether or not be necessary to appoint a third (3rd Appraiser)Landlord accepts any Rent and/or other consideration from Tenant while Tenant is holding over without Landlord's written consent. In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.ARTICLE XVI—
Appears in 1 contract
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further notice at If Tenant retains possession of the expiration Premises after the termination of the Lease Term. Any holding over , unless otherwise agreed in writing, such possession shall be subject to immediate termination by Tenant after termination Landlord at any time, and all of the other terms and provisions of this Lease (excluding any expansion or renewal option or other similar right or option) shall not constitute a renewal or extension of be applicable during such holdover period, except that Tenant shall pay Landlord from time to time, upon demand, as Base Rent for the Lease or give Tenant any rights in or holdover period, an amount equal to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth following (1/12i) of the higher of one hundred fifty percent (150%) % of the Base Annual Rent in effect on the termination date, computed on a monthly basis for each month or part thereof during such holding over for the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) first 60 days following the expiration of the Lease Term. In the absence , (ii) 200% of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent in effect on the termination date, computed on a monthly basis for each month or part thereof during such holding over for the period commencing 61 days following the expiration of the hold over period. In the event Lease Term and ending 60 days later, (iii) 250% of their inability to agree upon the Base Annual Rent in effect on the termination date, computed on a monthly basis for each month or part thereof during such holding over for the period commencing 122 days following the expiration of the hold over period within thirty Lease Term and ending 60 days later, (30iv) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) 300% of the higher of Base Rent in effect on the two (2) amounts so determinedtermination date, then the Base Annual Rent computed on a monthly basis for each month or part thereof during such holding over for the period commencing 183 days following the expiration of the hold over period in question Lease Term and ending when Tenant's holdover ends. All other payments shall continue under the terms of this Lease. The amounts payable pursuant to the two preceding sentences shall constitute the sole amounts for which Tenant shall be responsible in the mean case of such two amountsa holdover, and it in no event shall Tenant be liable for any damages suffered by Landlord as a result thereof. No holding over by Tenant, whether with or without consent of Landlord, shall operate to extend this Lease except as otherwise expressly provided, and this Paragraph 22 shall not be necessary construed as consent for Tenant to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month retain possession of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall controlPremises.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless earlier terminated Landlord expressly consents in accordance with writing to Tenant’s holding over, Tenant shall be unlawfully and illegally in possession of the Premises, whether or not Landlord accepts any rent from Tenant or any other person while Tenant remains in possession of the Premises without Landlord’s written consent. If Tenant shall retain possession of the Premises or any portion thereof without Landlord’s consent following the expiration of this Lease or duly extended sooner termination for any reason, then Tenant shall pay to Landlord for each day of such retention one hundred twenty five percent (125%) of daily rental as of the last month prior to the date expiration or earlier termination for the first thirty (30) days, two hundred percent (200%) of daily rental as of the last month prior to the date of expiration or earlier termination for the next thirty (30) days and then triple the amount of daily rental as of the last month prior to the date of expiration or earlier termination. Tenant shall also indemnify, defend, protect and hold Landlord harmless from any loss, liability or cost, including consequential and incidental damages and reasonable attorneys’ fees, incurred by Landlord resulting from delay by Tenant in accordance with surrendering the Premises, including, without limitation, any claims made by the succeeding tenant founded on such delay. Acceptance of Rent by Landlord following expiration or earlier termination of this Lease, this Lease shall terminate without further notice at the expiration or following demand by Landlord for possession of the Lease Term. Any holding over by Tenant after termination of this Lease Premises, shall not constitute a renewal of this Lease, and nothing contained in this Paragraph 25 shall waive Landlord’s right of reentry or extension any other right. Additionally, if upon expiration or earlier termination of this Lease, or following demand by Landlord for possession of the Lease or give Premises, Tenant any rights in or has not fulfilled its obligation with respect to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms repairs and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) cleanup of the higher of one hundred fifty percent (150%) of the Base Annual Rent Premises or any other Tenant obligations as set forth in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointmentthis Lease, then Landlord shall appoint a third Appraiserhave the right to perform any such obligations as it deems necessary at Tenant’s sole cost and expense, provided however, that if the difference between the amounts respectively determined and any time required by the LOT C two (2) Appraisers is not greater than an amount equal Landlord to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question complete such obligations shall be considered a period of holding over and the mean terms of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.225 shall apply. The provisions of this Paragraph 25 shall survive any expiration or earlier termination of this Lease.
Appears in 1 contract
Holding Over. Unless earlier terminated If Tenant remains in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further notice at possession of the License Areas after the expiration or earlier termination of the Lease Term. Any holding over by Tenant after termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration License with the express written consent of Landlord (and any failure by Tenant to remove, or if required by Landlord pursuant to Paragraph 55.k.ii. above, any failure to disconnect from and discontinue using, any Lines following written demand for the same by Landlord shall constitute continuing possession for purposes hereof), Tenant's possession shall be construed to be a tenancy from month-to-month to month on license at a license fee agreed upon by Landlord and Tenant, but in no event less than the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth greater of (1/12i) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect license fees, if any, payable under this Paragraph 55 during the last full month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following date of the expiration of the Lease TermLicense or (ii) the then fair market license fees (as reasonably determined by Landlord) for the License Areas. In Except as provided in the absence of such agreement as to preceding sentence, the Fair Market Rent, it month-to-month license shall be determined as follows:
(a) Each party on the terms and conditions of this Paragraph 55. ▇▇▇▇▇▇▇▇'s acceptance of license fees after such holding over with Landlord's written consent shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the not result in any other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint tenancy or license or in a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month renewal of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month original term of the hold over License. If Tenant remains in possession of the License Areas after the expiration or earlier termination of the License without Landlord's consent, ▇▇▇▇▇▇'s continued possession shall be on the basis of a licensee at sufferance and Tenant shall pay as a monthly license fee during the holdover period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten the greater of (i) one hundred fifty percent (10150%) of the higher fair market license fees (as reasonably determined by Landlord) for the License Areas, or (ii) two hundred percent (200%) of the two (2) amounts so determinedlicense fees, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amountsif any, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected payable under this Paragraph 15.255 for the last full month prior to the date of such expiration or termination.
Appears in 1 contract
Sources: Office Lease (Ask Jeeves Inc)
Holding Over. Unless Except for any permitted occupancy by Tenant under Article VIII, if Tenant fails to surrender the Premises at the expiration or earlier terminated in accordance with this Lease or duly extended in accordance with termination of this Lease, occupancy of the Premises after the termination or expiration shall be that of a tenancy at sufferance. Tenant’s occupancy of the Premises during the holdover shall be subject to all the terms and provisions of this Lease and (a) during the first 30 days of any such holdover, Tenant shall terminate pay an amount (on a per month basis without further notice at reduction for partial months during the expiration holdover) equal to the greater of (i) 150% of the Lease Termsum of the Base Rent and Additional Rent due for the period immediately preceding the holdover, and (ii) the fair market gross rental for the Premises as reasonably determined by Landlord, and (b) commencing as of the 31st day of such holdover, Tenant shall pay an amount (on a per month basis without reduction for partial months during the holdover) equal to 150% of the greater of: (1) the sum of the Base Rent and Additional Rent due for the period immediately preceding the holdover; or (2) the fair market gross rental for the Premises as reasonably determined by Landlord. Any holding over No holdover by Tenant or payment by Tenant after the expiration or early termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy extend the Term or prevent Landlord from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) immediate recovery of possession of the higher of one hundred fifty percent (150%) Premises by summary proceedings or otherwise. In addition to the payment of the Base Annual Rent in effect during the last month prior amounts provided above, if Landlord is unable to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration deliver possession of the Lease Term. In the absence of such agreement as Premises to the Fair Market Renta new tenant, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure or to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.perform
Appears in 1 contract
Sources: Office Lease Agreement (Cardica Inc)
Holding Over. Unless If, with Landlord’s express written consent, Tenant retains possession of the Premises after the termination of the Term, (i) unless otherwise agreed in such written consent, such possession shall be subject to termination by Landlord at any time upon at least 5 days’ advance written notice to Tenant, (ii) all of the other terms and provisions of this Lease (including, without limitation, the adjustment of Base Rent pursuant to Section 4 hereof) shall remain in full force and effect (excluding any expansion or renewal option or other similar right or option) during such holdover period, (iii) Tenant shall continue to pay Base Rent in the amount payable upon the date of the expiration or earlier terminated in accordance with termination of this Lease or duly extended such other amount the parties may agree to in accordance with such written consent, and (iv) all other payments shall continue under the terms of this Lease. If Tenant remains in possession of the Premises after the expiration or earlier termination of the Term without the express written consent of Landlord, (A) Tenant shall become a tenant at sufferance upon the terms of this Lease except that the monthly rental shall terminate be equal to (1) for the first 30 days of such holdover, 125% of the Base Rent in effect during the last 30 days of the Term plus Operating Expenses, and (2) thereafter, 150% of Base Rent in effect during the last 30 days of the Term plus Operating Expenses, and (B) if such holdover continues in excess of 30 days, Tenant shall be responsible for all damages suffered by Landlord resulting from or occasioned by Tenant’s holding over, including consequential damages; provided, however, that if Tenant delivers a written inquiry to Landlord within 30 days prior to the expiration or earlier termination of the Term, Landlord will notify Tenant whether the potential exists for consequential damages. No holding over by Tenant, whether with or without further notice at consent of Landlord, shall operate to extend this Lease except as otherwise expressly provided, and this Section 8 shall not be construed as consent for Tenant to retain possession of the Premises. Acceptance by Landlord of Rent after the expiration of the Lease Term. Any holding over by Tenant after Term or earlier termination of this Lease shall not constitute result in a renewal or extension reinstatement of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultthis Lease.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further notice at If ▇▇▇▇▇▇ holds over after the expiration of the Lease Term. Any holding over by Tenant after Term or earlier termination thereof, with the express or implied consent of this Lease Landlord, such tenancy shall be from month-to-month only, and shall not constitute a renewal hereof or an extension for any further term. If ▇▇▇▇▇▇ holds over after the expiration of the Lease Term of earlier termination thereof, without the express or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the implied consent of Landlord Landlord, such tenancy shall be construed deemed to be a tenancy from month by sufferance only, and shall not constitute a renewal hereof or an extension for any further term. In either case, Base Rent shall be payable at a monthly rate equal to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth product of (1/12i) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect applicable during the last rental period of the Lease Term under this Lease or for the first month prior immediately following the earlier termination of the Lease Term, as applicable, and (ii) a percentage equal to such 125% during the first (1st) month immediately following the expiration or earlier termination of the Lease Term, 150% during the second (2nd) and third (3rd) months immediately following the expiration or earlier termination of the then current Fair Market RentLease Term, and 200% thereafter. Such month-to-month tenancy or tenancy by sufferance, as the case may be, shall be subject to every other applicable term, covenant and agreement contained herein. Nothing contained in this Article 16 shall be construed as consent by Landlord to any holding over by Tenant, and Landlord expressly reserves the right to require Tenant to surrender possession of the Premises to Landlord as provided in this Lease upon the expiration or other termination of this Lease. The current Fair Market Rent provisions of this Article 16 shall not be determined by agreement between deemed to limit or constitute a waiver of any other rights or remedies of Landlord and Tenant within provided herein or at law. If ▇▇▇▇▇▇ fails to surrender the Premises on or before the date that occurs thirty (30) days following the termination or expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) daysthis Lease, then, in addition to any other liabilities to Landlord accruing therefrom, Tenant shall protect, defend, indemnify and hold Landlord harmless from all loss, costs (including reasonable attorneys’ fees) and liability resulting from such eventfailure, including, without limiting the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month generality of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limitsforegoing, the determination of Base Annual Rent any claims made by an Appraiser appointed pursuant any succeeding tenant founded upon such failure to 15.2(a) above which is the closest surrender and any lost profits to that of the third Appraiser shall controlLandlord resulting therefrom.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Lease Agreement (BioAtla, Inc.)
Holding Over. Unless earlier terminated Landlord expressly consents in accordance with writing to Tenant’s holding over, Tenant shall be only a Tenant at sufferance, whether or not Landlord accepts any Rent from Tenant or any other person while Tenant is holding over without Landlord’s written consent. If Tenant shall retain possession of the Premises or any portion thereof without Landlord’s consent following the expiration of this Lease or duly extended in accordance with this Leasesooner termination for any reason, this Lease then Tenant shall terminate without further notice at the expiration pay to Landlord for each day of the Lease Term. Any holding over by Tenant after termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of retention one hundred fifty percent (150%) of the Base Annual Rent in effect during amount of daily rental as of the last month prior to the date of expiration or earlier termination. Tenant shall also indemnify, defend, protect and hold Landlord harmless from any loss, liability or cost, including reasonable attorneys’ fees, resulting from delay by Tenant in surrendering the Premises, including, without limitation, any claims made by the succeeding tenant founded on such delay. Acceptance of Rent by Landlord following expiration or earlier termination shall not constitute a renewal of this Lease, and nothing contained in this Paragraph 25 shall waive Landlord’s right of reentry or any other right. Additionally, in the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord event that upon expiration or earlier termination of this Lease, Tenant has not fulfilled its obligation with respect to repairs and Tenant within thirty (30) days following the expiration cleanup of the Lease Term. In the absence of such agreement Premises or any other Tenant obligations as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party set forth in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointmentthis Lease, then Landlord shall appoint a third Appraiserhave the right to perform any such obligations as it deems necessary at Tenant’s sole cost and expense, provided however, that if the difference between the amounts respectively determined and any time required by the LOT C two (2) Appraisers is not greater than an amount equal Landlord to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question complete such obligations shall be considered a period of holding over and the mean terms of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.225 shall apply. The provisions of this Paragraph 25 shall survive any expiration or earlier termination of this Lease.
Appears in 1 contract
Sources: Lease Agreement (Accelrys, Inc.)
Holding Over. Unless earlier terminated in accordance If Tenant, with this Lease or duly extended in accordance with this Leasewithout the express or implied consent of Landlord, this Lease shall terminate without further notice at continues to hold and occupy the Leased Property (or any part thereof) after the expiration of the Lease Term. Any holding over by Tenant after Term or earlier termination of this Lease shall not constitute a renewal or extension (other than pursuant to Tenant’s purchase of the Lease or give Tenant any rights in or to the Leased Premises. Any Property), such holding over after such expiration with beyond the consent Term and the acceptance or collection of Rent in the amount specified below by Landlord shall operate and be construed to be as creating a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) not for any other term whatsoever. Said month-to-month tenancy may be terminated by Landlord by giving Tenant five days written notice, and at any time thereafter Landlord may re-enter and take possession of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination Leased Property. If, without Landlord’s consent or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and at Landlord’s request, Tenant within thirty (30) days following continues after the expiration of the Term or earlier termination of this Lease Term. In to hold and occupy the absence of such agreement Leased Property whether as to the Fair Market Renta month-to-month tenant or a tenant at sufferance or otherwise, it Tenant shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual pay Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than in an amount equal to ten percent the sum of [i] one and one-half (10%1-1/2) times the 3360\019:05/27/04 --LEASE 7 TBARKE\COLUMBIA PACIFIC ▇▇▇\▇▇▇▇▇ ▇▇▇▇▇▇▇ Base Rent payable during the month in which such expiration or termination occurs, plus [ii] all General Additional Rent accruing during the month, plus [iii] any and all other sums payable by Tenant pursuant to this Lease. During any continued tenancy after the expiration of the higher Term or earlier termination of this Lease, Tenant shall be obligated to perform and observe all of the two (2) amounts so determinedterms, then covenants and conditions of this Lease, but shall have no rights hereunder other than the Base Annual Rent for each month right, to the extent given by applicable law, to continue its occupancy and use of the hold Leased Property until the tenancy is terminated. Nothing contained herein shall constitute the consent, express or implied, of Landlord to the holding over period in question shall be of Tenant after the mean expiration or earlier termination of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiserthis Lease.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless If, with Landlord’s express written consent, Tenant retains possession of the Premises after the termination of the Term, (i) unless otherwise agreed in such written consent, such possession shall be subject to immediate termination by Landlord at any time, (ii) all of the other terms and provisions of this Lease (including, without limitation, the adjustment of Base Rent pursuant to Section 4 hereof) shall remain in full force and effect (excluding any expansion or renewal option or other similar right or option) during such holdover period, (iii) Tenant shall continue to pay Base Rent in the amount payable upon the date of the expiration or earlier terminated in accordance with termination of this Lease or duly extended such other amount as Landlord may indicate, in accordance with Landlord’s sole and absolute discretion, in such written consent, and (iv) all other payments shall continue under the terms of this Lease. If Tenant remains in possession of the Premises after the expiration or earlier termination of the Term without the express written consent of Landlord, (A) Tenant shall become a tenant at sufferance upon the terms of this Lease except that the monthly rental shall terminate be equal to 150% of Rent in effect during the last 30 days of the Term except that if Tenant does not holdover for more than 5 days Tenant shall only be required to pay Base Rent and Operating Expenses on a per diem basis for the number of days that Tenant holds over, and (B) Tenant shall be responsible for all damages suffered by Landlord resulting from or occasioned by Tenant’s holding over, including for consequential damages; provided, however, that if Tenant delivers written inquiries to Landlord whether the potential exists for consequential damages if Tenant holds over, Landlord shall, promptly after each such inquiry, notify Tenant in writing whether at the time of such inquiry the potential exists for consequential damages. No holding over by Tenant, whether with or without further notice at consent of Landlord, shall operate to extend this Lease except as otherwise expressly provided, and this Section 8 shall not be construed as consent for Tenant to retain possession of the Premises. Acceptance by Landlord of Rent after the expiration of the Lease Term. Any holding over by Tenant after Term or earlier termination of this Lease shall not constitute result in a renewal or extension reinstatement of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultthis Lease.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Lease Agreement (Verenium Corp)
Holding Over. Unless earlier terminated This Article 19 is subject in accordance its entirety to §15.9.2. If Tenant, with this Lease or duly extended in accordance with this Leasewithout the express or implied consent of Landlord, this Lease shall terminate without further notice at continues to hold and occupy the Leased Property (or any part thereof) after the expiration of the Lease Term. Any holding over by Tenant after Term or earlier termination of this Lease shall not constitute a renewal or extension (other than pursuant to Tenant’s purchase of the Lease or give Tenant any rights in or Leased Property) and a Replacement Operator is ready, willing and able, and has been approved by all Governmental Authorities, to accept the transition of operations of the Leased Premises. Any Property from Tenant, such holding over after such expiration with beyond the consent Term and the acceptance or collection of Rent in the amount specified below by Landlord shall operate and be construed to be as creating a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) not for any other term whatsoever. Said month-to-month tenancy may be terminated by Landlord by giving Tenant five days’ written notice, and at any time thereafter Landlord may re-enter and take possession of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior Leased Property, subject to such termination or the then current Fair Market Rentapplicable Legal Requirements. The current Fair Market Rent shall be determined by agreement between Landlord and If Tenant within thirty (30) days following continues after the expiration of the Term or earlier termination of this Lease Term. In to hold and occupy the absence of such agreement Leased Property whether as a month-to-month tenant or a tenant at sufferance or otherwise, Tenant, except as provided in §15.9.2 to the Fair Market Rentcontrary, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual pay Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than in an amount equal to ten percent (10%) the sum of [i] one and one-half times the Base Rent payable during the month in which such expiration or termination occurs, plus [ii] all Additional Rent accruing during the month, plus [iii] any reasonable out of pocket costs and expenses incurred by Landlord as a result of Tenant’s continued occupancy, excluding loss of rental or damages payable to any new tenant plus [iv] any and all other sums payable by Tenant pursuant to this Lease. During any continued tenancy after the expiration of the higher Term or earlier termination of this Lease, Tenant shall be obligated to perform and observe all of the two (2) amounts so determinedterms, then covenants and conditions of this Lease, but shall have no rights hereunder other than the Base Annual Rent for each month right, to the extent given by applicable law, to continue its occupancy and use of the hold Leased Property until the tenancy is terminated. Nothing contained herein shall constitute the consent, express or implied, of Landlord to the holding over period in question shall be of Tenant after the mean expiration or earlier termination of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiserthis Lease.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless earlier terminated If Tenant provides Landlord with written notice ("HOLDOVER NOTICE") at least thirty (30) days prior to expiration of the Lease Term (or any applicable Extension Term) that Tenant will be holding over in accordance with this Lease or duly extended in accordance with this Leasethe Premises, this Lease Tenant shall terminate without further notice at have the right (and, subject to the grace periods described below, the obligation) to hold over after the expiration of the Lease Term. Any holding over by Tenant Term until the date ("HOLDOVER NOTICE DATE") specified in such Holdover Notice (but not in excess of one hundred twenty (120) days after termination of this Lease shall not constitute a renewal or extension the expiration of the Lease Term or give Tenant any rights in or to the Leased Premisesapplicable Extension Term). Any holding over after such expiration with the consent of Landlord holdover tenancy (including without limitation, any holdover tenancy pursuant to a Holdover Notice) shall be construed subject to be a tenancy from month to month on the same terms every applicable term, covenant and conditions herein specified insofar as applicable agreement contained herein, except that the monthly rent Base Rent payable by Tenant for the Premises (irrespective of the amount of space Tenant continues to occupy in the Building) shall be escalated to equal one twelfth hundred ten percent (1/12110%) of the higher then current Base Rent and Direct Expenses payments for the entire Premises for the first ninety (90) days of such holdover occupancy and one hundred twenty-five percent (125%) of such amount during the next succeeding ninety (90) days and from and after such one hundred eighty (180) day period, Rent shall equal one hundred fifty percent (150%) of such amount thereafter; provided, however, subject to the Base Annual next sentence of this Article 16, such holdover Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market and Additional Rent shall be determined by agreement between prorated on a per diem basis through and including the date ("ACTUAL SURRENDER DATE") Tenant actually vacates and surrenders the Premises to Landlord in the condition required under this Lease. If Tenant properly delivers the Holdover Notice and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
Actual Surrender Date (a) Each party is earlier than the Holdover Notice Date by forty-five (45) days or less, Tenant's obligation to pay such holdover Rent and Additional Rent shall appoint an Appraiser within terminate on a per diem basis as of the Actual Surrender Date, however if the Actual Surrender Date is earlier than forty-five (45) days prior to the Holdover Notice Date, Tenant's holdover Rent and Additional Rent shall cease as of the date which is forty-five (45) days prior to the Holdover Notice Date, or (b) is later than the Holdover Notice Date, Tenant's obligation to pay holdover Rent and Additional Rent shall cease as of the Actual Surrender Date, provided that Tenant shall have no right to holdover beyond the earlier to occur of fifteen (15) days after notice the Holdover Notice Date or the expiration of failure to agree given by the one party to hundred twenty (120) period specified in the otherfirst sentence of this Article 16 above. By way of example only, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed not as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree limitation upon the Base Annual Rent for each month of foregoing, if the hold over period within thirty Holdover Notice indicates that the Holdover Notice Date is ninety (3090) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) expiration of the higher Lease Term or applicable Extension Term, Tenant shall be permitted to holdover until the date which is one hundred five (105) days after the expiration of the two (2) amounts so determined, then Lease Term or applicable Extension Term and Tenant's obligation to pay holdover Rent and Additional Rent shall be prorated on a per diem basis until the Base Annual Rent for each month later of the hold over period forty-fifth (45th) day after the expiration of the Lease Term or applicable Extension Term or the Actual Surrender Date. Nothing contained in question this Article 16 shall be the mean of such two amountsconstrued as consent by Landlord to any holding over by Tenant (except as expressly provided in this Article 16 above), and it Landlord expressly reserves the right to require Tenant to surrender possession of the Premises to Landlord as provided in this Lease upon the expiration of the Lease Term (or the period specified in clause 16(b) above, as applicable). The provisions of this Article 16 shall not be necessary deemed to appoint limit or constitute a third (3rd Appraiser)waiver of any other rights or remedies of Landlord provided herein or at law. In the event that Landlord If PEREGRINE SYSTEMS CORPORATE CENTER [Peregrine Systems] Tenant fails to appoint a third (3rd) Appraiser surrender the Premises within fifteen (15) days, thenthe period specified in this Article 16 above, in addition to any other liabilities to Landlord accruing therefrom, Tenant shall protect, defend, indemnify and hold Landlord harmless from all loss, costs (including reasonable attorneys' fees) and liability resulting from such eventfailure, including, without limiting the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month generality of the hold over period shall be final so long as it is within the limits foregoing, any claims made by any succeeding tenant founded upon such failure to surrender (including such tenant's lost profits) and any lost profits to Landlord resulting therefrom, provided Landlord promptly notified Tenant in writing of any lease or signed letter of intent for all or any portion of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall controlPremises.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Office Lease (Peregrine Systems Inc)
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this Lease, this This Lease shall terminate without further notice at the expiration of on the Lease TermExpiration Date (as set forth in Article 1). Any holding over by Tenant after termination expiration of the Lease Term shall neither constitute a renewal nor extension of this Lease shall not constitute a renewal or extension of the Lease or nor give Tenant any rights in or to the Leased PremisesPremises except as expressly provided in this Paragraph. Any such holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month month, on the same terms and conditions herein specified insofar as applicable applicable, except that the monthly rent Base Monthly Rent shall be increased to an amount equal to one twelfth hundred twenty-five percent (1/12125%) of the higher Monthly Base Rent for the last month immediately preceding such holding over for the first ninety (90) days of Building E any such holding over, and thereafter one hundred fifty percent (150%) of the Base Annual Monthly Rent in effect payable during the last full month prior immediately preceding such holding over. Without limiting the foregoing, in the event of a holding over to which Landlord has consented, any rights of Landlord or obligations of Tenant set forth in this Lease and purporting to apply during the term of this Lease, shall nonetheless also be deemed to apply during any such termination hold over period. Tenant acknowledges that if Tenant holds over without Landlord’s consent, such holding over may compromise or otherwise affect Landlord’s ability to enter into new leases with prospective tenants regarding the Leased Premises. Therefore, in the event Tenant does not vacate the Leased Premises in accordance with the terms of this Paragraph 13.2 on or before the expiration of the Lease Term (or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty expiration of a holdover term, if applicable) after receiving at least ninety (3090) days following days’ advance written notice from Landlord, delivered not earlier than the expiration of the Lease Term. In , demanding that Tenant vacate the absence Leased Premises and otherwise satisfying the requirements set forth below (a “Vacation Notice”), Tenant shall be liable for all damages (including attorneys’ fees and expenses) of whatever type (including consequential damages) incurred by Landlord as a result of such agreement as to the Fair Market Rentholding over, it and Tenant shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of protect, defend, indemnify and hold Landlord harmless from and against all claims resulting from such failure to agree given vacate, including, without limiting the foregoing, any claims made by one party any succeeding tenant founded upon such failure to surrender, and any losses suffered by Landlord, including lost profits, resulting from such failure to surrender. The Vacation Notice shall specifically refer to this Lease and the otheraddress of the Building, and shall advise include (on the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month first page of the hold over period. In Vacation Notice) the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointmentfollowing language in bold, then Landlord shall appoint a third Appraisercapitalized font: “NOTICE: UNDER PARAGRAPH 13.2 OF THE LEASE, provided howeverTENANT’S FAILURE TO VACATE THE LEASED PREMISES BY THE DATE SET FORTH HEREIN MAY RESULT IN SIGNIFICANT DAMAGES TO LANDLORD, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third AppraiserINCLUDING CONSEQUENTIAL DAMAGES.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.”
Appears in 1 contract
Holding Over. Unless earlier terminated in accordance with 12.1 If Tenant holds over possession of the Premises beyond the Termination Date or prior expiration of the Term, such holding over shall not be deemed to extend the Term or renew this Lease but such holding over shall continue upon the terms covenants and conditions of this Lease as a tenant at will except that Tenant agrees that the charge for use and occupancy of the Premises for each calendar month or duly extended portion thereof that Tenant holds over (even if such part shall be one day) shall be a liquidated sum equal to one twelfth (1/12th) of 150% of the Base Rent for the first month and 200% thereafter, plus in accordance with this Leaseall instances 100% of the Additional Rent required to be paid by Tenant during the calendar year preceding the Termination Date or earlier expiration of the Term. The parties recognize and agree that the damage to Landlord resulting from any failure by Tenant to timely surrender possession of the Premises will be extremely substantial, will exceed the amount of the monthly Base Rent and Additional Rent payable hereunder and will be impossible to accurately measure. Nothing contained in this Lease shall terminate without further notice at be construed as a consent by Landlord to the occupancy or possession by Tenant of the Premises beyond the Termination Date or prior expiration of the Lease Term. Any holding over by Tenant after termination of this Lease shall not constitute a renewal , and Landlord, upon said Termination Date or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as , or at any time thereafter (and notwithstanding that Landlord may accept from Tenant one or more payments called for by this Section 12.1), shall be entitled to the Fair Market Rent, it shall benefit of all legal remedies that now may be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party in force or may be hereafter enacted relating to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month immediate repossession of the hold over periodPremises. In The provisions of this Article shall survive the event of their inability to agree upon the Base Annual Rent for each month Termination Date or earlier expiration of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third AppraiserTerm.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further notice at the expiration of the Lease Term. Any holding over by Tenant after termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.. LOT B
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Lease Agreement (Corporate Office Properties Trust Inc)
Holding Over. Unless earlier terminated Article 16 of the Existing Lease is hereby deleted and replaced in accordance its entirety with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further notice at the following: "If Tenant holds over after the expiration of the Lease Term. Any holding over by Tenant after Term or earlier termination thereof, with or without the express written consent of this Lease Landlord, such tenancy shall be from month-to-month only, and shall not constitute a renewal hereof or an extension for any further term, and in such case Tenant shall pay Rent at a monthly rate equal to (a) for the first thirty (30) days of the Lease or give Tenant any rights in or to the Leased Premises. Any such holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal over, one twelfth hundred percent (1/12100%) of the higher Base Rent payable by Tenant immediately prior to such holding over (without regard to any abatements of Rent on account of casualty or otherwise), plus Tenant's Share of Operating Expenses and Tax Expenses, computed on a monthly basis for each full or partial month Tenant remains in possession; and (ii) thereafter, an amount equal to one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month payable by Tenant immediately prior to such termination holding over (without regard to any abatements of Rent on account of casualty or the then current Fair Market Rentotherwise), plus Tenant's Share of Operating Expenses and Tax Expenses, computed on a monthly basis for each full or partial month Tenant remains in possession. The current Fair Market Rent Such month-to-month tenancy shall be determined by subject to every other applicable term, covenant and agreement between Landlord and contained herein. If Tenant within thirty (30) days following holds over after any such month-to-month tenancy has been terminated, then Tenant shall be a tenant at sufferance only, for the expiration entire Premises upon all of the terms and conditions of this Lease Term. In the absence of as might be applicable to such agreement as to the Fair Market Renttenancy; provided, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is that, as liquidated damages and not greater than an amount as a penalty, Tenant shall pay Base Rent at a monthly rate equal to ten one hundred fifty percent (10150%) of the higher Base Rent payable by Tenant immediately prior to such holding over (without regard to any abatements of Rent on account of casualty or otherwise), plus Tenant's Share of Operating Expenses and Tax Expenses, computed on a monthly basis for each full or partial month Tenant remains in possession. Nothing contained in this Article 16 shall be construed as consent by Landlord to any holding over by Tenant, and Landlord expressly reserves the right to require Tenant to surrender possession of the two (2) amounts so determined, then Premises to Landlord as provided in this Lease upon the Base Annual Rent for each month expiration or other termination of the hold over period in question shall be the mean this Lease. The provisions of such two amounts, and it this Article 16 shall not be necessary deemed to appoint limit or constitute a third (3rd Appraiser)waiver of any other rights or remedies of Landlord provided herein or at law. In the event that Landlord If Tenant fails to appoint a third (3rd) Appraiser within fifteen (15) days, thensurrender the Premises upon the termination or expiration of this Lease, in addition to any other liabilities to Landlord accruing therefrom, Tenant shall protect, defend, indemnify and hold Landlord harmless from all Claims resulting from such eventfailure, including, without limiting the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month generality of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limitsforegoing, the determination of Base Annual Rent any Claims made by an Appraiser appointed pursuant any succeeding tenant founded upon such failure to 15.2(a) above which is the closest surrender and any lost profits to that of the third Appraiser shall controlLandlord resulting therefrom.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2."
Appears in 1 contract
Sources: Lease (ShoreTel Inc)
Holding Over. Unless If, with Landlord’s express written consent, Tenant retains possession of the Premises after the termination of the Term, (i) unless otherwise agreed in such written consent, such possession shall be subject to immediate termination by Landlord at any time, (ii) all of the other terms and provisions of this Lease (including, without limitation, the adjustment of Base Rent pursuant to Section 4 hereof) shall remain in full force and effect (excluding any expansion or renewal option or other similar right or option) during such holdover period, (iii) Tenant shall continue to pay Base Rent in the amount payable upon the date of the expiration or earlier terminated in accordance with termination of this Lease or duly extended such other amount as Landlord may indicate, in accordance with Landlord’s sole and absolute discretion, in such written consent, and (iv) all other payments shall continue under the terms of this Lease. If Tenant remains in possession of the Premises after the expiration or earlier termination of the Term without the express written consent of Landlord, (A) Tenant shall become a tenant at sufferance upon the terms of this Lease except that the monthly rental shall terminate (i) for the first 30 days of such holdover, be equal to 125% of Rent in effect during the last 30 days of the Term, and (ii) for any period of holdover in excess of 30 days, be equal to 150% of Rent in effect during the last 30 days of the Term, and (B) if such holdover continues for a period in excess of 90 days, Tenant shall also Building B5 – First and Second Floors/Boundless Bio - Page 10 be responsible for all damages suffered by Landlord resulting from or occasioned by Tenant’s holding over, including consequential damages. No holding over by Tenant, whether with or without further notice at consent of Landlord, shall operate to extend this Lease except as otherwise expressly provided, and this Section 8 shall not be construed as consent for Tenant to retain possession of the Premises. Acceptance by Landlord of Rent after the expiration of the Lease Term. Any holding over by Tenant after Term or earlier termination of this Lease shall not constitute result in a renewal or extension reinstatement of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultthis Lease.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless earlier terminated If Sublessee (directly or through any transferee or other successor-in-interest of Sublessee) remains in accordance with this Lease possession of all or duly extended in accordance with this Lease, this Lease shall terminate without further notice at any part of the Subleased Premises after the expiration of the Lease Term. Any holding over by Tenant after Sublease Term or earlier termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights Sublease, such holding over, in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such an express written agreement as to the Fair Market Rentcontrary, it shall be determined on the basis of a tenancy at the sufferance of Sub lessor. In such event, Sub lessee shall continue to comply with all of the terms, conditions and covenants of this Sublease as follows:
(a) Each party though the Sublease Term had continued, except that such tenancy at sufferance shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given be terminable by one party to the other, Sublessor at any time and rent shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent be paid for each month (or portion thereof) during which Sublessee holds over in the Subleased Premises after the expiration or earlier termination of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointmentthis Sublease, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than in an amount equal to ten percent (10%) 150% of the higher monthly Base Sublease Rent due under this Sublease, plus all other amounts that would otherwise have been payable as Additional Rent had the Sublease Term continued through the period of such holding over, plus all other amounts that would otherwise have been payable as Additional Rent had the Sublease Term continued through the period of such holding over. If Sublessee fails to surrender the Subleased Premises on the Sublease Expiration Date or earlier termination of this Sublease, in addition to any other liabilities to Sublessor accruing therefrom, Sublessee shall indemnify and hold Sublessor harmless from all loss or liability resulting from such failure, including without limitation (i) any claims of Landlord against Sublessor for failure to surrender the Premises at the time and in the manner required under the Master Lease or for violating any term of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amountsMaster Lease, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rdii) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent any claims made by an Appraiser appointed pursuant any succeeding subtenant, tenant or other third party based upon such failure. This indemnification obligation shall survive the expiration or earlier termination of this Sublease. The provisions of this Section 4.9 are in addition to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected do not limit Sublessor’s rights or Sublessee’s obligations under this Paragraph 15.2Sublease.
Appears in 1 contract
Sources: Sublease (Apollomics Inc.)
Holding Over. Unless If, with Landlord’s express written consent, Tenant retains possession of the Premises after the termination of the Term, (i) unless otherwise agreed in such written consent, such possession shall be subject to immediate termination by Landlord at any time, (ii) all of the other terms and provisions of this Lease (including, without limitation, the adjustment of Base Rent pursuant to Section 4 hereof) shall remain in full force and effect (excluding any expansion or renewal option or other similar right or option) during such holdover period, (iii) Tenant shall continue to pay Base Rent in the amount payable ActiveUS 179671324v.10 upon the date of the expiration or earlier terminated in accordance with termination of this Lease or duly extended in accordance with such other amount as Landlord and Tenant may agree, and (iv) all other payments shall continue under the terms of this Lease. If Tenant remains in possession of the Premises after the expiration or earlier termination of the Term without the express written consent of Landlord, (A) Tenant shall become a tenant at sufferance upon the terms of this Lease except that the monthly rental shall terminate without further be equal to 150% of the Base Rent in effect during the last 30 days of the Term (plus 100% of all other Additional Rent due under the Lease at the rate specified in the Lease), and (B) Tenant shall be responsible for all damages suffered by Landlord resulting from or occasioned by Tenant’s holding over, including consequential damages; and provided that, unless Landlord gave written notice to Tenant at least 30 days before the expiration of the Lease TermTerm that a subsequent tenant would be leasing the Premises or any part thereof and that Landlord reasonably anticipates holding over, even for less than 30 days, is reasonably likely to impact Landlord’s delivery schedule to such new tenant, Tenant shall be responsible for consequential damages only once Tenant’s holding over exceeds 30 days. Any No holding over by Tenant, whether with or without consent of Landlord, shall operate to extend this Lease except as otherwise expressly provided, and this Section 8 shall not be construed as consent for Tenant to retain possession of the Premises. Acceptance by Landlord of Rent after the expiration of the Term or earlier termination of this Lease shall not constitute result in a renewal or extension reinstatement of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultthis Lease.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Lease Agreement (Constellation Pharmaceuticals Inc)
Holding Over. Unless Tenant shall vacate the Premises upon the expiration or earlier terminated in accordance with this Lease or duly extended in accordance with termination of this Lease, this Lease and Tenant shall terminate without further notice at indemnify, protect, hold harmless and defend Landlord against all liabilities, damages and expenses incurred by Landlord as a result of any delay by Tenant in vacating the Premises. Subject to the remaining provisions herein, if Tenant remains in possession of the Premises or any part thereof for a period of ninety days or less after the expiration of the Lease Term. Any holding over by Tenant after termination of this Lease Term without Landlord's written permission, Tenant's occupancy shall be a tenancy from month-to-month only, and not constitute a renewal or extension hereof, and provided Landlord has not (i) executed a lease for at least 25% of the Premises with a third party or (ii) executed a sale agreement for the Project with a third party, then all provisions of this Lease or give Tenant any rights in or (other than those relating to the Leased Premises. Any holding over after term) shall apply to such expiration with the consent of Landlord shall be construed to be a tenancy from month-to-month to month on the same terms and conditions herein specified insofar as applicable tenancy, except that the monthly rent Minimum Monthly Rent shall equal one twelfth (1/12) be increased to 125)% of the higher of one hundred fifty percent (150%) of the Base Annual Minimum Monthly Rent in effect during the last month prior of the Lease Term. . If Tenant remains in possession of the Premises or any part thereof after the expiration of the Lease Term without Landlord's written permission, Tenant's occupancy shall be a tenancy from month-to-month only, and not a renewal or extension hereof; and provided Landlord has executed a lease for at least 25% of the Premises with a third party or executed a sale agreement for the Project with a third party, then all provisions of this Lease (other than those relating to the term) shall apply to such termination or month-to-month tenancy, except that the then current Fair Market Rent. The current Fair Market Minimum Monthly Rent shall be determined by agreement between Landlord and increased to 200% of the Minimum Monthly Rent in effect during the last month of the Lease Term. In addition, if, Tenant within thirty (30) remains in possession of the Premises or any part thereof for any time greater than ninety days following after the expiration of the Lease Term. In the absence , then all provisions of such agreement as this Lease (other than those relating to the Fair Market Rentterm) shall apply to such month-to-month tenancy, it except that the Minimum Monthly Rent shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice increased to 200% of failure to agree given by one party to the other, and shall advise Minimum Monthly Rent in effect during the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each last month of the hold over periodLease Term. In No acceptance of rent, negotiation of rent checks or other act or omission of Landlord or its agents shall extend the event Expiration Date of their inability this Lease other than a writing executed by Landlord giving Tenant permission to agree upon remain in occupancy beyond the Base Annual Rent for each month Expiration Date under the terms of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiserimmediately preceding sentence.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further notice at Should Tenant continue to occupy the Premises after the expiration of the Lease Term. Any holding over by Tenant after termination of this Lease shall not constitute a renewal or extension of Term without the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the prior written consent of Landlord Landlord, such occupancy shall be construed to be a tenancy from month to month on at sufferance under all of the same terms terms, covenants and conditions herein specified insofar as applicable except that of this Lease, but at a daily Base Rental (the monthly rent shall "Holdover Rent") equal one twelfth (1/12) of to the higher of sum determined by dividing one hundred and fifty percent (150%) of the Base Annual Rent Rental then in effect during the last month immediately prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined expiration of the Lease Term plus electricity and any sums due pursuant to Section 6, for the final month of the Lease Term by agreement between Landlord and Tenant within thirty (30); provided, however, if Tenant has given Landlord written notice of its intent to hold over after the expiration of the Lease Term at least nine (9) days following months prior to the expiration of the Lease Term, Tenant may holdover for a period of up to ninety (90) days (the "Grace Period") at a Holdover Rent calculated as provided above but using one hundred twenty five percent (125% of the Base Rental instead of one hundred and fifty percent (150%). In the absence Tenant shall also pay any and all costs, expenses or damages (including consequential damages) sustained by Landlord as a result of such agreement as holdover other than during the Grace Period. If Tenant consists of more than one person or entity, and if any of the persons or entities comprising Tenant continue to occupy the Fair Market RentPremises after the expiration of the Lease Term, it all other persons or entities comprising Tenant shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure deemed to agree given by one party have consented to the other, such occupancy and shall advise the other party of such appointment. On the failure of either party so continue to appoint an Appraiser, be jointly and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent severally liable for each month all of the hold over period. In terms, covenants and conditions contained in this Lease during the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiserholdover term.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless earlier terminated If Tenant remains in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further notice at possession of the Premises after the expiration of the Lease Term. Any holding over by Tenant after or earlier termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the express written consent of Landlord Landlord, Tenant’s occupancy shall be construed to be a month-to-month tenancy from month to month on the same terms at a rent agreed upon by Landlord and conditions herein specified insofar as applicable except that the monthly rent shall equal Tenant, but in no event less than one twelfth hundred twenty-five percent (1/12125%) of the higher Monthly Rent and one hundred percent (100%) of Additional Rent payable under this Lease during the last full month prior to the date of the expiration of this Lease for the first one (1) month of any such holdover, and one hundred fifty percent (150%) of the Base Annual Monthly Rent in effect and one hundred percent (100%) of the Additional Rent Payable under this Lease during the last full month prior to such termination or the then current Fair Market Rentdate of the expiration of this Lease for any holdover thereafter. The current Fair Market Rent Except as provided in the preceding sentence, the month-to-month tenancy shall be determined by agreement between Landlord on the terms and conditions of this Lease, except that any renewal options, expansion options, rights of first refusal, rights of first negotiation or any other rights or options pertaining to additional space in the Building contained in this Lease shall be deemed to have terminated and shall be inapplicable thereto. Landlord’s acceptance of rent after such holding over with Landlord’s written consent shall not result in any other tenancy or in a renewal of the original term of this Lease. If Tenant remains in possession of the Premises after the expiration or earlier termination of this Lease without Landlord’s consent, Tenant’s continued possession shall be on the basis of a tenancy at sufferance and Tenant within shall pay as Monthly Rent during the holdover period an amount equal to one hundred fifty percent (150%) of the Monthly Rent and Additional Rent payable under this Lease for the last full month prior to the date of such expiration or termination for the first thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, holdover and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The thereafter two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten hundred percent (10200%) of the higher of Monthly Rent and Additional Rent payable under this Lease for the two (2) amounts so determined, then last full month prior to the Base Annual Rent for each month of the hold over period in question shall be the mean date of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiserexpiration or termination.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Office Lease (2U, Inc.)
Holding Over. Unless earlier terminated in accordance with this Lease If Tenant holds over after expiration or duly extended in accordance with this Lease, this Lease shall terminate without further notice at the expiration of the Lease Term. Any holding over by Tenant after termination of this Lease without the written consent of Landlord, Tenant shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to pay as rent for the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of Premises one hundred fifty percent (150%) the amount of Rent (including all Base Rental and Additional Rental then payable as described in Section 2.1) for the Base Annual Rent in effect during entire holdover period calculated and prorated on a daily basis. No holding over by Tenant after the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent Term shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as construed to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over periodextend this Lease. In the event of their inability to agree upon the Base Annual Rent any unauthorized holding over by Tenant that continues for each month of the hold over period within more than thirty (30) days after their appointmentdays, then Tenant shall, in addition to the payment of holdover rent, indemnify Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined (i) against all claims for damages by the LOT C two (2) Appraisers is not greater than an amount equal any other tenant to ten percent (10%) whom Landlord may have leased all or any part of the higher Leased Premises effective upon the termination of this Lease, and (ii) for all other losses, costs, and expenses, including reasonable attorneys' fees, incurred by reason of such holding over. Any holding over with the written consent of Landlord in writing shall thereafter constitute a lease from month to month. Notwithstanding the foregoing, the obligation of Tenant to pay rent during any holdover period shall apply only with respect to the floors on which Tenant actually holds over provided that, for purposes of Tenant's obligation to pay such rent, Tenant shall be deemed (a) to occupy all of the two Leased Premises on a floor if Tenant occupies any portion of such floor and (2b) amounts so determined, then to occupy all floors within the Base Annual Rent for each month Leased Premises leased to a new tenant if Tenant occupies any portion of the hold over period in question shall be the mean of space leased to such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.new tenant
Appears in 1 contract
Sources: Office Space Lease Agreement (FSP Phoenix Tower Corp)
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this Lease, this This Lease shall terminate without further notice at the expiration of the Lease Term. Any holding over by Tenant after termination expiration of this the Lease Term shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises, except as expressly provided in this Lease. Any holding over after such expiration with the written consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable applicable, except that Base Monthly Rent shall be increased to the monthly rent shall greater of:
(1) an amount equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) to 125% of the Base Annual Monthly Rent in effect payable during the last full calendar month prior to of the Lease Term for the first 60 days of such termination holdover and 150% of such Base Monthly Rent for any holdover period thereafter, or,
(2) 200% of the Base Monthly Rent set forth under any lease of all or any part of the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following Premises commencing after the expiration end of the Lease Term. In , providing that Landlord gives Tenant written Notice of the absence terms of such agreement as lease within sixty 60 days of the end of any Lease term (the “Relet Notice”). Should Landlord provide the Relet Notice, in addition to the Fair Market RentRent set forth in Subsection 2 above, it the Tenant shall be determined as follows:
liable for any damages incurred by Landlord (aother than rents recovered under Section C.2 above) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure due to agree given by one party Landlord’s inability to deliver the Premises to any proposed tenant identified in the Relet Notice pursuant to the otherterms of any lease between Landlord and tenant identified in the Relet Notice, and shall advise fully indemnify Landlord as set forth in Section 10.B as to any claims arising from Tenant’s failure to vacate the other party Premises in compliance with the terms of such appointment. On this Lease at the failure end of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultany stated Term.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Lease (Echelon Corp)
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with MISSION PARK BUSINESS CENTER rights given to Tenant under this Lease, if any, and (iii) extension rights given to Tenant under this Lease Lease, if any. Landlord's acceptance of rent after such holding over with Landlord's consent shall terminate without further notice at the expiration not result in any other tenancy or in a renewal of the Lease Termoriginal term of this Lease. Any holding over by If Tenant remains in possession of all or any part of the Premises after the expiation or earlier termination of this Lease the Term without Landlord's consent, Tenant's continued possession shall not constitute be on the basis of a renewal or extension of tenancy at sufferance and Tenant shall pay as Monthly Base Rent during the Lease or give Tenant any rights in or holdover period an amount equal to the Leased Premises. Any holding over after such expiration with the consent greater of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12x) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be fair market rental (as reasonably determined by agreement between Landlord and Tenant within thirty Landlord) for the Premises, or (30y) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten hundred percent (10200%) of the higher Monthly Base Rent payable under this Lease for the last full month before the date of expiration or earlier termination of the two (2) amounts so determinedTerm. In addition, then the Base Annual Rent for each month during such holdover period Tenant shall pay to Landlord all other sums required to be paid by Tenant to Landlord under this Lease, including, without limitation, Operating Expenses. If Tenant remains in possession of all or any part of the Premises without Landlord's consent, Tenant agrees to promptly indemnify, protect, defend and hold over period Landlord harmless from all claims, damages, judgments, suits, causes of action, losses, liabilities, penalties, fines, expenses, and costs, including, without limitation, attorneys' fees and costs, costs and expenses incurred by Landlord in question returning the Premises or any part thereof to the condition in which Tenant was to surrender the same, and claims made by any succeeding tenant founded on or resulting from Tenant's failure to surrender the Premises. The provisions of the immediately preceding sentence shall survive the expiration or earlier termination of this Lease. Nothing in this Subparagraph 11(b) shall be construed as implied consent by Landlord to any holding over by Tenant. Landlord expressly reserves the mean right to require Tenant to surrender possession of such two amounts, and it the Premises to Landlord as provided in this Lease on the expiration or earlier termination of the Term of this Lease. The provision of this Subparagraph 11(b) shall not be necessary considered to appoint limit or constitute a third (3rd Appraiser). In the event that waiver of any other rights or remedies of Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, provided in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiserthis Lease or at law.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Lease Agreement (Nanosensors Inc)
Holding Over. Unless earlier terminated Tenant will, at the termination of this lease by lapse of time or otherwise, yield up immediate possession to Landlord. If Tenant retains possession of the leased premises or any part thereof after such termination, then Landlord may, at its option, serve written notice upon Tenant that such holding over constitutes either (i) creation of a month to month tenancy, upon the terms and conditions set forth in accordance with this Lease lease, or duly extended (ii) creation of a tenancy at sufferance, in accordance with any case upon the terms and conditions set forth in this Leaselease; provided, however, that the monthly rental (or daily rental under (ii) shall, in addition to all other sums which are to be paid by Tenant hereunder, whether or not as additional rent, be equal to double the rental being paid monthly to Landlord under this Lease lease immediately prior to such termination (prorated in the case of (ii) on the basis of a 365 day year for each day Tenant remains in possession). If no such notice is served, then a tenancy at sufferance shall terminate be deemed to be created at the rent in the preceding sentence. In the event of any such holding over by Tenant without further notice the consent of Landlord (which consent shall not be implied from Landlord’s mere acceptance of rent payments), Tenant shall also pay to Landlord all actual damages sustained by Landlord proximately caused by such retention of possession by Tenant, including the loss of any proposed subsequent tenant for any portion of the leased premises, not to exceed an amount equal to two (2) years’ rent at the rate in effect at the expiration of the Lease TermLease. Any holding over by Tenant after termination The provisions of this Lease paragraph shall not constitute a renewal waiver by Landlord of any right of re-entry as herein set forth; nor shall receipt of any rent or extension any other act in apparent affirmance of the Lease tenancy (other than a written waiver or give Tenant consent signed by Landlord) operate as a waiver of the right to terminate this lease for a breach of any rights in of the terms, covenants, or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed obligations herein on Tenant’s part to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultperformed.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless earlier terminated 3.3.1 Nothing in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further notice at be deemed in any way to permit Tenant to use or occupy the Premises after the expiration of the Lease Term. Any holding over by Tenant after Term or any earlier termination of this Lease shall not constitute a renewal or extension of Lease. If and only if ▇▇▇▇▇▇ continues to occupy the Lease or give Tenant any rights in or to the Leased Premises. Any holding over Premises after such expiration with or termination after obtaining Landlord’s express, written consent thereto,
(a) such occupancy shall (unless the consent of Landlord shall parties hereto otherwise agree in writing) be construed deemed to be under a tenancy from month-to-month to month on tenancy, which shall continue until either party hereto notifies the same terms and conditions herein specified insofar as applicable except other in writing, by at least thirty (30) days before the end of any calendar month, that the party giving such notice elects to terminate such tenancy at the end of such calendar month, in which event such tenancy shall so terminate;
(b) subject to the provisions of subparagraph 3.3.1(c), but anything in the remaining provisions of this Section to the contrary notwithstanding, the Annual Rent payable with respect to each such monthly rent period shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) Annual Rent for the Lease Year then in effect or the last Lease Year of the Base Annual Rent in effect Term, as applicable, during which such expiration or termination occurred, as aforesaid, and the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Additional Rent shall continue to be determined payable under Section 4; and
(c) such month-to-month tenancy shall be on the same terms and subject to the same conditions as those set forth in this Lease, except that if Landlord gives Tenant, by agreement between Landlord and Tenant within at least thirty (30) days following before the end of any calendar month during such month-to-month tenancy, written notice that such terms and conditions (including any thereof relating to the amount and payment of Rent) shall, after such month, be modified in any manner specified in such notice, then such tenancy shall, after such month, be on the said terms and subject to the said conditions, as so modified.
3.3.2 If Tenant continues to occupy the Premises after the expiration of the Term or any earlier termination of this Lease Term. In the absence without having obtained Landlord’s express, written consent thereto, then without altering or impairing any of such agreement as to the Fair Market RentLandlord’s rights under this Lease or applicable law, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen Tenant hereby agrees to pay to Landlord immediately on demand by Landlord as holdover rental (15“Holdover Rent”) days for the Premises, for each calendar month or portion thereof after notice such expiration of failure the Term or such earlier termination of this Lease, as aforesaid, until ▇▇▇▇▇▇ surrenders possession of the Premises to agree given by one party to Landlord, a sum equaling the otherAnnual Rent plus Fifty and 00/100 Dollars ($50.00) per each day of such holdover occupancy, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner Tenant shall then proceed to establish the Base Annual Rent for each month surrender possession of the hold over periodPremises to Landlord immediately on Landlord’s having demanded the same. In the event of their inability Nothing in this Lease shall be deemed in any way to agree upon the Base Annual Rent for each month give Tenant any right to remain in possession of the hold over period within thirty (30) days Premises after their appointmentsuch expiration or termination, then Landlord shall appoint a third Appraiserregardless of whether Tenant has paid any such Holdover Rent to Landlord, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.without ▇▇▇▇▇▇▇▇’s express written approval
Appears in 1 contract
Sources: Ground Lease
Holding Over. Unless earlier terminated in accordance with this Lease If Tenant, or duly extended in accordance with this Leaseany assignee or subtenant of Tenant, this Lease shall terminate without further notice at holds over possession of the Premises beyond the expiration of the Lease Term. Any holding over by Tenant after or earlier termination of this Lease shall not constitute a renewal or extension of (as the Lease or give Tenant any rights in or Term may be extended for the Short Term Extension period pursuant to the Leased Premises. Any Section 24.2 hereof), such holding over after will not be deemed to extend the Term or renew this Lease but such expiration with holding over will continue upon the consent of Landlord shall be construed to be a tenancy from month to month on the same terms terms, covenants and conditions herein specified insofar as applicable of this Lease except that the monthly rent shall equal one twelfth (1/12) charge for use and occupancy of the higher Premises for each calendar month or portion thereof that Tenant or such assignee or subtenant holds over will be a liquidated sum equal to the Applicable Holdover Percentage of the Basic Rent and Additional Rent payable for the month immediately preceding the expiration or earlier termination of this Lease. The “Applicable Holdover Percentage” means (i) one hundred fifty percent (150%) for the first ninety (90) days following the Termination Date (as the Term may be extended or the Short Term Extension Period) and (ii) two hundred percent (200%) for all periods from and after the ninetieth (90th) day after the Termination Date (as the Term may be extended or the Short Term Extension Period). The parties recognize and agree that the damage to Landlord resulting from any failure by Tenant or any assignee or subtenant of Tenant to timely surrender possession of the Base Annual Premises will exceed the amount of the monthly Basic Rent in effect during and Additional Rent and will be impossible to accurately measure. Without limiting Landlord’s other remedies under this Lease, if the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant Premises are not surrendered within thirty (30) days following the expiration or earlier termination of this Lease (as the Term may be extended for the Short Term Extension period pursuant to Section 24.2 hereof), Tenant shall indemnify, defend and hold harmless Landlord against any and all losses and liabilities resulting therefrom, including, without limitation, any claims made by any succeeding tenant founded upon such delay. Nothing contained in this Lease will be construed as a consent by Landlord to the occupancy or possession of the Lease Premises beyond the expiration or earlier termination of this Lease. Tenant shall, at its sole cost and expense, take all actions required to remove any assignee or subtenant of Tenant, or other party claiming rights to the Premises under or through Tenant upon the expiration or earlier termination of the Term. In The provisions of this Article 24 will survive the absence expiration or earlier termination of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultthis Lease.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further notice at In the expiration event of the Lease Term. Any holding over by Tenant after termination expiration or tars~lnatlon of this Lease shall not constitute a renewal or extension of lease Nlthout the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the pclor weltten consent of Landlord Landlord, Tenant shall be construed to be a tenancy from month to month on pay, as liquidated damages, the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher amount of one hundred fifty percent (150%150X) of the Base Annual Rent in effect during the last month prior nonthly rental (including all tase Rental and Tenant's Additional Rental) Nhich was due end peyable l~ediately pclor to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration or termination of this Lease, for the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over entire holdover period. Ro holdine over by Tenant after the term of this lease ahall be construed to extend the lease; In the event of their inability eny unauthorized holding over, Tenant shall also Indemnify Landlord against all claims or de~agea by eny other tenant to agree whon Landlord a~ay have leased all or any part of the leased premises effective upon the Base Annual Rent for each termination of this lease. Any holding over with the prior consent of Landlord in writing shall thereafter constitute thla lease e Lees▇ ▇▇▇m e;onth-to-month any holding over without the prior consent of the hold over period within thirty (30) days after their appointment, then Landlord In writing shall appoint create a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period temncy at sufferance relationship with Tenant. As used in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such eventthis lease, the two Appraisers appointed by tera aMarket Base Rental Rate" shall _an the parties pursuant annual rental rates then being charged in the "North Belt" area of Houston, Texas, for space comparable to 15.2(a) above shallthe space for which the Market Base Rental Rate is being determined (taking Into consideration age, by agreementuse, appoint location and/or floor level within the third Appraiser.
(c) In the event a third Appraiser is appointedapplicable building, such Appraiser's determination definition of Base Annual Rent for each month of the hold over period shall be final net rentable area leasehold The Borrower hereby covenants and agrees that, so long as it is within any Lender shall have any Commitment hereunder, or any Revolving Loan or other Obligation shall remain unpaid or unsatisfied, unless the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.Majority Lenders waive compliance in writing:
Appears in 1 contract
Holding Over. Unless earlier terminated If Tenant remains in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further notice at the expiration possession of the Lease Term. Any holding over by Tenant Premises after expiration or earlier termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord Landlord’s express consent, Tenant’s occupancy shall be construed to be a tenancy from month to month tenancy at a rent agreed upon by Landlord and Tenant, but in no event less than the Monthly Basic Rent and Operating Rent payable under this Lease during the last full month before the date of expiration or earlier termination. The month to month tenancy shall be on the same terms and conditions herein specified insofar of this Lease except as applicable except that provided in the monthly rent shall equal one twelfth (1/12) preceding sentence and the Lease clauses concerning extension rights. If Tenant holds over after the expiration or earlier termination of the higher Term hereof without the express written consent of Landlord, Tenant shall become a tenant at sufferance only, at a rental rate equal to the greater of one hundred fifty percent (150%) of the Base Annual Monthly Basic Rent which would be applicable to the Premises upon the date of expiration of the Term (prorated on a daily basis) or fair market value as reasonably determined by Landlord, and otherwise subject to the terms, covenants and conditions herein specified, so far as applicable including, without limitation, the obligation to pay increased Operating Expenses as provided in effect during the last month prior Paragraph 5. Acceptance by Landlord of rent after such expiration or earlier termination shall not constitute a consent to such termination a holdover hereunder or the then current Fair Market Rentresult in a renewal. The current Fair Market Rent shall be determined foregoing provisions of this Paragraph 10 are in addition to and do not affect Landlord’s right of re-entry or any rights of Landlord hereunder or as otherwise provided by agreement between Landlord and law. If Tenant within thirty (30) days following fails to surrender the Premises upon the expiration of the this Lease Term. In the absence despite written demand to do so by Landlord, Tenant shall indemnify and hold Landlord harmless from all loss or liability arising out of such agreement as failure, including without limitation, any claim made by any succeeding tenant founded on or resulting from such failure to the Fair Market Rent, it surrender. No provision of this Paragraph 10 shall be determined construed as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure implied consent by Landlord to agree given any holding over by one party Tenant. Landlord expressly reserves the right to the other, and shall advise the other party of such appointment. On the failure of either party so require Tenant to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month surrender possession of the hold over periodPremises to Landlord as provided in this Lease upon expiration or other termination of this Lease. In the event The provisions of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it this Paragraph 10 shall not be necessary considered to appoint limit or constitute a third (3rd Appraiser). In the event that waiver of any other rights or remedies of Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, provided in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiserthis Lease or at law.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Office Lease (Current Media, Inc.)
Holding Over. Unless earlier terminated 31.1 Tenant shall have the right to holdover in accordance with this Lease all or duly extended in accordance with this Lease, this Lease shall terminate without further notice at any portion of the Premises for up to ninety (90) days following the expiration of the Lease Term. Any holding over by Tenant after or earlier termination of this Lease (the "Stub Period") and the Base Rent payable during the Stub Period shall not constitute a renewal or extension equal the lesser of (x) the then market rental value of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Premises as reasonably determined by Landlord shall be construed to be assuming a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) new lease of the higher Premises of the then usual duration and other terms (the "Holdover Market Rental Value"), and (y) one hundred fifty percent (150%) of the Base Annual Rent for the last period prior to the Stub Period, and Tenant shall also pay Additional Rent attributable Operating Expenses and Taxes as provided in effect Article 5 of this Lease during the last month prior Stub Period, together with all other Additional Rent and other amounts payable pursuant to the terms of this Lease. Tenant shall also be liable for any and all damages sustained by Landlord as a result of such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following holdover after the expiration of such Stub Period. Subject to Tenant's right to hold over during the Lease TermStub Period, Tenant shall vacate the Premises and deliver same to Landlord immediately upon Tenant's receipt of notice from Landlord to so vacate. In The Rent during such holdover period shall be payable to Landlord on demand. Landlord's acceptance of Rent if and after Tenant holds over shall not convert Tenant's tenancy at sufferance to any other form of tenancy or result in a renewal or extension of the absence Term of this Lease, unless otherwise specified by notice from Landlord to Tenant.
31.2 Subject to Section 31.1 above, in the event Tenant, or any party claiming under Tenant, retains possession of the Premises after the Expiration Date or Termination Date, such possession shall be that of a tenant at sufferance and an unlawful detainer. No tenancy or interest shall result from such possession, and such parties shall be subject to immediate eviction and removal. Tenant or any such party shall pay Landlord, as Base Rent for the period of such agreement as holdover, a monthly amount equal to the Fair Market Rent, it shall be determined as follows:
greater of (i) the sum of (a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten hundred fifty percent (10150%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month the last period prior to the date of such termination plus (b) one hundred percent (100%) of Additional Rent attributable to Operating Expenses and Taxes as provided in Article 5 of this Lease during the hold over period time of holdover, and (ii) the Holdover Market Rental Value, in question either case, together with all other Additional Rent and other amounts payable pursuant to the terms of this Lease. Such tenancy at sufferance shall be the mean of such two amountssubject to every other applicable term, covenant and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiseragreement contained herein.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Lease Agreement (Penumbra Inc)
Holding Over. Unless earlier terminated If Tenant holds over in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further notice at possession after the expiration or sooner termination of the Lease Term. Any original term or of any extended term of this lease, such holding over by Tenant after termination of this Lease shall not constitute a renewal be deemed to extend the term or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any renew this lease, but such holding over after such expiration with thereafter shall continue upon the consent of Landlord shall be construed to be a tenancy from month to month on the same terms covenants and conditions herein specified insofar as applicable set forth except that the monthly rent shall equal one twelfth charge for use and occupancy of such holding over for each calendar month or part thereof (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to even if such termination or the then current Fair Market Rent. The current Fair Market Rent part shall be determined by agreement between Landlord and Tenant within thirty (30a small fraction of a calendar month) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as followsthe sum of:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice 1/12 of failure to agree given by the highest annual rent rate set forth on page one party to the otherof this lease, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraisertimes 3, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.plus
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month 1/12 of the hold over period. In net increase, if any, in annual fixed rental due solely to increases in the event of their inability to agree upon the Base Annual Rent for each month cost of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if value of electric service furnished to the difference between premises in effect on the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) last day of the higher term of the two (2) amounts so determinedthis lease, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.plus
(c) In the event a third Appraiser is appointed1/12 of all other items of annual additional rental, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties which annual additional rental would have been payable pursuant to 15.2(a) above. If the third Appraiser's appraisal is this lease had this lease not within such limitsexpired, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.plus
(d) those other items of additional rent (not annual additional rent) which would have been payable monthly pursuant to this lease, had this lease not expired, which total sum Tenant agrees to pay to Landlord promptly upon demand, in full, without set-off or deduction. Neither the billing nor the collection of use and Tenant occupancy in the above amount shall divide equally be deemed a waiver of any right of Landlord to collect damages for Tenant’s failure to vacate the charges imposed by Appraisers selected under demised premises after the expiration or sooner termination of this Paragraph 15.2lease. The aforesaid provisions of this Article shall survive the expiration or sooner termination of this lease.
Appears in 1 contract
Sources: Loft Lease (Nara Bancorp Inc)
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this Lease, this Lease Tenant shall terminate without further notice at vacate the Premises upon the expiration of the Lease Term. Any holding over by Tenant after Term or earlier termination of this Lease shall not constitute a renewal or extension in the condition required under Section 6.06. If the Tenant holds over after expiration of the Lease Term, Extension Term(s), or give earlier termination of this Lease, then Tenant any rights shall pay Rent to Landlord monthly for the first month of such hold over in or an amount equal to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed Additional Rent and Shell Rent at a rate equal to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth hundred twenty-five percent (1/12125%) of the higher Shell Rent in effect as of the month immediately preceding such hold over for the first four (4) months, and thereafter Tenant shall pay Rent to Landlord monthly starting on the fifth (5th) month of such hold over in an amount equal to the Additional Rent and Shell Rent at a rate equal to one hundred fifty percent (150%) of the Base Annual Shell Rent in effect during as of the last month prior to immediately preceding such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord hold over, and Tenant within thirty shall reimburse Landlord for and defend and indemnify Landlord against all Claims (30as hereinafter defined) which Landlord incurs from Tenant’s delay in vacating the Premises on or before the date which is ninety (90) days following after the expiration of the Lease Term, Extension Term(s), or earlier termination of this Lease in accordance with Applicable Laws. In If Tenant does not vacate the absence Premises upon the expiration of such agreement as the Lease Term or earlier termination of the Lease in accordance with the terms of this Lease and Landlord thereafter accepts Rent from Tenant, Tenant’s occupancy of the Premises shall be a “month to month” tenancy, subject to all of the Fair Market terms of this Lease, other than the payment of Base Rent, it which shall be determined paid on a monthly basis as follows:
set forth above, and Landlord and Tenant shall each have the right to terminate this Lease and Tenant’s right to occupy the Premises on thirty (a30) Each party days’ written notice. Acceptance by Landlord of any Rent after such expiration or earlier termination of this Lease shall appoint an Appraiser within fifteen (15) days after notice not constitute a consent to a hold over hereunder or result in a renewal of the Lease or any lease and nothing in this Section 2.05 shall limit or restrict Landlord from pursuing any remedies against Tenant for failure to agree given by one party timely vacate the Premises. For the avoidance of doubt, Tenant shall also be responsible to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual pay Additional Rent for each month of during the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless earlier terminated Landlord expressly consents in accordance with writing to Tenant's holding over, Tenant shall be unlawfully and illegally in possession of the Premises, whether or not Landlord accepts any rent from Tenant or any other person while Tenant remains in possession of the Premises without Landlord's written consent. If Tenant shall retain possession of the Premises or any portion thereof without Landlord's consent following the expiration of this Lease or duly sooner termination for any reason, then Tenant shall pay to Landlord for each day of such retention two hundred percent (200%) the amount of daily rental as of the last month prior to the date of expiration or earlier termination. Tenant shall also indemnify, defend, protect and hold Landlord harmless from any loss, liability or cost, including consequential and incidental damages and reasonable attorneys' fees, incurred by Landlord resulting from delay by Tenant in surrendering the Premises within thirty (30) days following the expiration or earlier termination of the Term or extended in accordance with Term of this Lease, this Lease shall terminate including, without further notice at limitation, any claims made by the succeeding tenant founded on such delay. Acceptance of Rent by Landlord following expiration of the Lease Term. Any holding over by Tenant after or earlier termination of this Lease Lease, or following demand by Landlord for possession of the Premises, shall not constitute a renewal of this Lease, and nothing contained in this Paragraph 25 shall waive Landlord's right of reentry of any other right. Additionally, if upon expiration or extension earlier termination of this Lease, or following demand by Landlord for possession of the Lease Premises, Tenant has not fulfilled its obligation with respect to repairs and cleanup of the Premises or give any other Tenant obligations as set forth in this Lease, then Landlord shall have the right to perform any rights in such obligations as it deems necessary at Tenant's sole cost and expense, and any time required by Landlord to complete such obligations shall be considered a period of holding over and the terms of this Paragraph 25 shall apply. The provisions of this Paragraph 25 shall survive any expiration or earlier termination of this Lease. If by written notice to Landlord delivered not later than twelve (12) months prior to the Leased Premises. Any holding Term Expiration Date, or the expiration of the extended Term (the "Hold-Over Notice"), Tenant advises Landlord of its intent to hold-over after specifying the period of such hold-over (which period must be for a period of no longer than six (6) months)(the "Hold-Over Term") then Tenant may, as a matter of right, remain in possession following the Term Expiration Date or the expiration with of the consent of Landlord extended Term, as the case may be, for the Hold-Over Term set forth in the Hold-Over Notice; provided, that the Base Rent for the Hold-Over Term shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the sum of the Base Annual Rent in effect during and other charges payable for the last month prior of the Term or extended Term. In no event under the preceding sentence shall Tenant have the right to such termination hold-over in the Premises for more than one (1) six (6) month or shorter period beyond the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following Term Expiration Date or the expiration of the Lease extended Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless earlier terminated 12.1 Tenant acknowledges that it is extremely important that Landlord have substantial advance notice of the date on which Tenant will vacate the Premises, because Landlord will (a) require an extensive period to locate a replacement tenant, and (b) plan its entire leasing and renovation program for the Building in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further notice reliance on its lease expiration dates. Tenant also acknowledges that if Tenant fails to surrender the Premises at the expiration or earlier termination of the Lease Term. Any holding over , then it will be conclusively presumed that the value to Tenant of remaining in possession, and the loss that will be suffered by Tenant after termination of this Lease shall not constitute Landlord as a renewal or extension of result thereof, far exceed the Base Rent and additional rent that would have been payable had the Lease or give Term continued during such holdover period. Therefore, if Tenant any rights in or to does not immediately surrender the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following Premises upon the expiration or earlier termination of the Lease Term. In , then the absence of such agreement as to the Fair Market Rent, it rent shall be determined as follows:
increased to equal the greater of (a1) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to fair market rent for the otherpremises, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two or (2) Appraisers appointed in either manner shall then proceed to establish double the Base Annual Rent for each month Rent, additional rent and other sums that would have been payable pursuant to the provisions of this Lease if the hold over Lease Term had continued during such holdover period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question Such rent shall be computed on a monthly basis and shall be payable on the mean first day of such two amounts, holdover period and it the first day of each calendar month thereafter during such holdover period until the Premises have been vacated. Landlord’s acceptance of such rent shall not be necessary in any manner adversely affect Landlord’s other rights and remedies, including Landlord’s right to appoint a third (3rd Appraiser)evict Tenant and to recover damages. In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.Reston Lease - Commerce Park Lease Agreement Final.doc
Appears in 1 contract
Sources: Lease Agreement (Saflink Corp)
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with If after the expiration of this Lease, this Lease shall terminate without further notice at and provided that no uncured Default exists on the expiration of this Lease and that Tenant has provided Landlord with at least 90 days advance written notice of its election to hold over under the Lease Termterms of this section at the end of the Term of this Lease, Tenant may elect, as set forth in its written notice, to remain in possession of the Premises and continue to pay Rent for the entire Premises for one to six months following the expiration of this Lease. Tenant’s notice shall designate the number of months that it desires to hold over pursuant to this section. Any holding over such possession shall be subject to all provisions hereof (other than those relating to the Term of this Lease) but at a Monthly Rent equivalent to 125% of the last monthly Rent paid during the immediate prior Term of this Lease. Notwithstanding the foregoing, Landlord shall have the right to prohibit Tenant from exercising its short term extension option pursuant to this paragraph by written notice to Tenant given within five (5) business days of receipt of Tenant’s extension notice in the event that Landlord has a prospect for all or any portion of the Premises. If Tenant fails to give notice at least 90 days in advance, and, unless Landlord expressly agrees otherwise in writing, if Tenant shall retain possession of the Premises or any part thereof after expiration or earlier termination of this Lease Lease, Tenant shall not constitute occupy the Premises as a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable tenant at sufferance, except that the monthly rent Tenant shall equal one twelfth (1/12) of the higher of pay Landlord one hundred fifty percent (150%) of the Base Annual amount of Rent in effect during the last month prior to such termination then applicable (or the then current Fair Market Renthighest amount permitted by Law, whichever shall be less) on a per month basis. In addition, Tenant shall be responsible for all consequential damages sustained by Landlord on account of Tenant holding over if Tenant holds over for more than sixty (60) days. The current Fair Market Rent foregoing provisions shall not serve as permission for Tenant to holdover, nor serve to extend the Term (although Tenant shall remain bound to comply with all provisions of this Lease until Tenant vacates the Premises, and shall be determined subject to the provisions of Article 11). The provisions of this paragraph do not waive Landlord's right of re-entry or right to regain possession by agreement actions at law or in equity or any other rights hereunder, and any receipt of payment by Landlord shall not be deemed a consent by Landlord to Tenant's remaining in possession or be construed as creating or renewing any lease or right of tenancy between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultTenant.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless earlier terminated If Sublessee (directly or through any transferee or other successor-in-interest of Sublessee) remains in accordance with this Lease possession of all or duly extended in accordance with this Lease, this Lease shall terminate without further notice at the expiration any part of the Lease Term. Any holding over by Tenant Premises after the Sublease Expiration Date or earlier termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights Sublease, such holding over, in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such an express written agreement as to the Fair Market Rentcontrary, it shall be determined on the basis of a tenancy at the sufferance of Sublessor. In such event, Sublessee shall continue to comply with all of the terms, conditions and covenants of this Sublease as follows:
(a) Each party though the Sublease Term had continued, except that such tenancy at sufferance shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given be terminable by one party to the other, Sublessor at any time and rent shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent be paid for each month (or portion thereof) during which Sublessee holds over in the Premises after the expiration or earlier termination of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointmentthis Sublease, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than in an amount equal to ten percent (10%) 200% of the higher monthly Base Sublease Rent due under this Sublease, plus all other amounts that would otherwise have been payable as Additional Rent had the Sublease Term continued through the period of such holding over. If Sublessee fails to surrender the Premises on the Sublease Expiration Date or earlier termination of this Sublease, in addition to any other liabilities to Sublessor accruing therefrom, Sublessee shall indemnify and hold Sublessor harmless from all loss or liability resulting from such failure, including without limitation (i) any claims of Landlord against Sublessor for failure to surrender the Premises at the time and in the manner required under the Master Lease or for violating any term of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amountsMaster Lease, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rdii) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent any claims made by an Appraiser appointed pursuant any succeeding tenant or other third party based upon such failure. This indemnification obligation shall survive the expiration or earlier termination of this Sublease. The provisions of this Section 4.12 are in addition to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected do not limit Sublessor’s rights or Sublessee’s obligations under this Paragraph 15.2Sublease.
Appears in 1 contract
Sources: Sublease (Gymboree Corp)
Holding Over. Unless If, with Landlord’s express written consent, Tenant retains possession of the Premises after the termination of the Term, (i) unless otherwise agreed in such written consent, such possession shall be subject to immediate termination by Landlord at any time, (ii) all of the other terms and provisions of this Lease (including, without limitation, the adjustment of Base Rent pursuant to Section 4 hereof) shall remain in full force and effect (excluding any expansion or renewal option or other similar right or option) during such holdover period, (iii) Tenant shall continue to pay Base Rent in the amount payable upon the date of the expiration or earlier terminated in accordance with termination of this Lease or duly extended such other amount as Landlord may indicate, in accordance with Landlord’s sole and absolute discretion, in such written consent, and (iv) all other payments shall continue under the terms of this Lease. If Tenant remains in possession of the Premises after the expiration or earlier termination of the Term without the express written consent of Landlord, (A) Tenant shall become a tenant at sufferance upon the terms of this Lease except that the monthly rental shall be equal to (i) for the first 60 days of such holdover, 150% of Base Rent in effect during the last 30 days of the Term, and thereafter, 200% of Base Rent in effect during the last 30 days of the Term, plus (ii) Tenant’s Share of Operating Expenses, plus (iii) all other amounts payable by Tenant under this Lease, and (B) if Tenant holds over for more than 60 days beyond the expiration or earlier termination of the Lease, then Tenant shall be responsible for all damages suffered by Landlord resulting from or occasioned by Tenant’s holding over including, without limitation, consequential damages. No holding over by Tenant, whether with or without consent of Landlord, shall operate to extend this Lease except as otherwise expressly provided, and this Section 8 shall terminate without further notice at not be construed as consent for Tenant to retain possession of the Premises. Acceptance by Landlord of Rent after the expiration of the Lease Term. Any holding over by Tenant after Term or earlier termination of this Lease shall not constitute result in a renewal or extension reinstatement of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultthis Lease.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this LeaseIf Tenant fails to deliver possession of the Premises on the Termination Date, this Lease shall terminate without further notice at but holds over after the expiration of the Lease Term. Any holding over by Tenant after or earlier termination of this Lease shall not constitute a renewal or extension of without the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the express prior written consent of Landlord Landlord, such tenancy shall be construed to be as a tenancy from month to month-to-month on the same terms and conditions as are contained herein specified insofar as applicable except that the monthly rent Fixed Monthly Rent payable by Tenant during the first thirty (30) days of holding over (the “Initial Holdover Period”) shall automatically increase as of the Termination Date to an amount equal to one twelfth hundred twenty-five percent (1/12125%) of the higher Fixed Monthly Rent payable by Tenant for the calendar month immediately prior to the date when Tenant commences such holding over (the “Holdover Rent”). After the expiration of the Initial Holdover Period, the Holdover Rent shall be increased to one hundred fifty percent (150%) of the Base Annual Fixed Monthly Rent in effect during payable by Tenant for the last calendar month immediately prior to the date when Tenant commenced such termination holding over. During any period of holding over Tenant shall be obligated to pay Holdover Rent for a full calendar month whether or not Tenant remains in possession of the then current Fair Market Premises for the entire calendar month and there shall be no pro-rata apportionment of Holdover Rent. The current Fair Market Rent Tenant’s payment of such Holdover Rent, and Landlord’s acceptance thereof, shall not constitute a waiver by Landlord of any of Landlord’s rights or remedies with respect to such holding over, nor shall it be determined deemed to be a consent by agreement between Landlord to Tenant’s continued occupancy or possession of the Premises past the time period covered by Tenant’s payment of the Holdover Rent. Furthermore, if Tenant fails to deliver possession of the Premises to Landlord upon the expiration or earlier termination of this Lease, and Landlord has provided Tenant within thirty with not less than sixty (3060) days following the expiration prior written notice that Landlord requires possession of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint Premises for a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) dayssucceeding tenant, then, in addition to any other liabilities to Landlord accruing therefrom, Tenant shall protect, defend, indemnify and hold Landlord harmless from all loss, costs (including reasonable attorneys’ fees and expenses) and liability resulting from such eventfailure, including without limiting the two Appraisers appointed by the parties pursuant to 15.2(a) above shallforegoing, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent any claims made by an Appraiser appointed pursuant any succeeding tenant arising out of Tenant’s failure to 15.2(a) above which is so surrender, and any lost profits to Landlord resulting therefrom. Notwithstanding the closest provisions contained hereinabove regarding Tenant’s liability for a continuing holdover, Landlord agrees to that use commercially reasonable efforts to insert into any future lease of another tenant proposing to occupy the third Appraiser shall controlPremises provisions similar to those contained in Section 2.1, permitting mitigation of Tenant’s damages arising out of Tenant’s temporary holdover.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless If, with Landlord’s express written consent, Tenant retains possession of the Premises after the termination of the Term, (i) unless otherwise agreed in such written consent, such possession shall be subject to immediate termination by Landlord at any time, (ii) all of the other terms and provisions of this Lease (including, without limitation, the adjustment of Base Rent pursuant to Section 4 hereof) shall remain in full force and effect (excluding any expansion or renewal option or other similar right or option) during such holdover period, (iii) Tenant shall continue to pay Base Rent in the amount payable upon the date of the expiration or earlier terminated in accordance with termination of this Lease or duly extended such other amount as Landlord may indicate, in accordance with Landlord’s sole and absolute discretion, but not more than 150% of the Base Rent due for the last month of the Term, in such written consent, and (iv) all other payments shall continue under the terms of this Lease. If Tenant remains in possession of the Premises after the expiration or earlier termination of the Term without the express written consent of Landlord, (A) Tenant shall become a tenant at sufferance upon the terms of this Lease, including the obligation to pay 100% of all Additional Rent due under this Lease Lease, except that the monthly Base Rent shall terminate without further be equal to 150% of the Base Rent in effect during the last 30 days of the Term, and (B) Tenant shall be responsible for all damages suffered by Landlord resulting from or occasioned by ▇▇▇▇▇▇’s holding over, including consequential damages; provided that, unless ▇▇▇▇▇▇▇▇ gave written notice to Tenant at least 30 days before the expiration of the Lease TermTerm that a subsequent tenant would be leasing the Premises or any part thereof and that Landlord reasonably anticipates holding Building 1 (AOTC) / Kymera Therapeutics, Inc. - Page 13 over, even for less than 30 days, is reasonably likely to impact Landlord’s delivery schedule to such new tenant, Tenant shall be responsible for consequential damages only once Tenant’s holding over exceeds 30 days. Any No holding over by ▇▇▇▇▇▇, whether with or without consent of Landlord, shall operate to extend this Lease except as otherwise expressly provided, and this Section 8 shall not be construed as consent for Tenant to retain possession of the Premises. Acceptance by Landlord of Rent after the expiration of the Term or earlier termination of this Lease shall not constitute result in a renewal or extension reinstatement of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultthis Lease.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless If Tenant or Tenant’s Visitors holds over possession of the Premises beyond the expiration or earlier terminated in accordance with this Lease or duly extended in accordance with termination of this Lease, such holding over will not be deemed to extend the Term or renew this Lease shall terminate without further notice at but such holding over will continue upon the terms, covenants and conditions of this Lease except that the charge for use and occupancy of the Premises for each calendar month or portion thereof that Tenant or Tenant’s Visitors holds over will be a liquidated sum equal to one-twelfth (1/12th) of the Applicable Holdover Percentage of the Basic Rent and Additional Rent during the twelve (12) month period preceding the expiration of the Lease Term. Any holding over by Tenant after or earlier termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased PremisesLease. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth The “Applicable Holdover Percentage” means (1/12i) of the higher of one hundred fifty percent (150%) of the Base Annual Basic Rent in effect during and one hundred percent (100%) of the last month prior to such termination or Additional Rent for the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty first ninety (3090) days following the expiration Termination Date, and (ii) two hundred percent (200%) of both the Basic Rent and Additional Rent for all periods from and after the ninetieth (90th) day after the Termination Date. The parties recognize and agree that the damage to Landlord resulting from any failure by Tenant or any assignee, subtenant or licensee of Tenant to timely surrender possession of the Lease TermPremises will exceed the amount of the monthly Basic Rent and Additional Rent and will be impossible to accurately measure. In Without limiting Landlord’s other remedies under this Lease, if the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
Premises are not surrendered within sixty (a) Each party shall appoint an Appraiser within fifteen (1560) days after notice the Termination Date, Tenant shall indemnify, defend and hold harmless Landlord against any and all losses and liabilities resulting therefrom, including, without limitation, any claims founded upon such delay made by any succeeding tenant, provided that Landlord has notified Tenant that Landlord has executed a lease for all or any portion of failure to agree given the Premises. Nothing contained in this Lease will be construed as a consent by one party Landlord to the otheroccupancy or possession of the Premises beyond the expiration or earlier termination of this Lease. Tenant shall, at its sole cost and shall advise the expense, take all actions required to remove any assignee, subtenant or licensee of Tenant, or other party of such appointment. On claiming rights to the failure of either party so to appoint an Appraiser, and to advise Premises under or through Tenant upon the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month expiration or earlier termination of the hold over periodTerm. In The provisions of this Article 24 will survive the event expiration or earlier termination of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiserthis Lease.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless This Lease is for a specific Term. Except as set forth below, if Tenant, without Landlord’s specific written consent, continues its possession of the Leased Premises after the expiration or earlier terminated in accordance with this Lease or duly extended in accordance with termination date of this Lease, this Lease shall terminate without further notice at the expiration then all of the Lease Term. Any holding over by following conditions will apply: (i) Tenant after termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to will occupy the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be Premises as a tenancy from month to month tenant on the same terms and conditions herein specified insofar as applicable of this Lease, except that the monthly rent shall equal one twelfth (1/12) of the higher of its occupancy will be at one hundred fifty percent (150%) of the Base monthly Basic Annual Rent in effect payable during the last month prior year of the Term and one hundred percent (100%) of the monthly Additional Rent as determined hereunder and will be subject to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within on thirty (30) calendar days’ prior written notice from either party to the other; and (ii) in the event such holdover by Tenant continues for a period of sixty (60) days following Tenant’s receipt of written notice that Landlord has executed a term sheet for the lease of the Leased Premises (or any portion thereof) by a new tenant, Tenant will defend, indemnify and hold Landlord harmless from and against any and all claims, demands, actions, suits, proceedings, judgments, damages, losses, costs or expenses (including reasonable attorneys’ fees) incurred by Landlord in connection with claims or litigation (e.g., due to a delayed commencement date for a new tenant) arising because of such holdover by Tenant. The foregoing notwithstanding, Tenant shall have the right to extend the Term for up to an additional six (6) months (as specified in Tenant’s written notice) by giving written notice to Landlord prior to the later of the date twelve (12) months prior to the expiration of the Lease TermTerm or the date Landlord has provided Tenant with notice that Landlord has leased the Leased Premises or any part thereof to a substitute tenant. In the absence of such agreement as to the Fair Market Rent, it Such short-term extension shall be determined on all of the terms and conditions of this Lease; provided that, rather than the holdover Rent as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointmentset forth above, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Basic Annual Rent shall be escalated for each month of the hold over period. In the event of their inability such period to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten one hundred five percent (10105%) of the higher of the two (2) amounts so determined, then the Base immediately prior Basic Annual Rent and shall be paid, together with Additional Rent, for each month of the hold over period in question shall be the mean month, or part thereof, of such two amounts, holdover period. Tenant hereby waives any and it shall not be necessary all notices to appoint a third (3rd Appraiser). In quit under the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Pennsylvania Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2Act.
Appears in 1 contract
Sources: Build to Suit Lease Agreement (Endo Pharmaceuticals Holdings Inc)
Holding Over. Unless earlier terminated (a) Tenant hereby indemnifies and agrees to defend and hold Landlord harmless from and against any loss, cost, liability, claim, damage, fine, penalty and expense (including reasonable attorneys’ fees and disbursements) resulting from delay by Tenant in accordance with this Lease or duly extended in accordance with surrendering the Demised Premises upon the termination of this Lease, this Lease shall terminate without further notice at the expiration of the Lease Term. Any holding over including any claims made by Tenant after termination of this Lease shall not constitute a renewal any succeeding tenant or extension of the Lease prospective tenant or give Tenant any rights in or to the Leased Premises. Any holding over after successor landlord founded upon such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultdelay.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish If Tenant holds over its possession after the Base Annual Rent for each month Expiration Date or earlier termination of the hold Lease Term or following any extended term of this Lease, such holding over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary deemed to appoint extend the term of this Lease or renew this Lease. Under no circumstances (i) will such holdover constitutes month-to-month tenancy, (ii) shall this Section 16 imply any right of Tenant to remain in the Premises after the expiration or earlier termination of this Lease, (iii) will Landlord be prohibited from exercising any rights permitted by law against a third holdover tenant; or (3rd Appraiser)iv) will any monies paid by Tenant or accepted by Landlord (e.g., Rent, holdover rent or otherwise) after the expiration or earlier termination of this Lease be deemed to reinstate any form of tenancy between Tenant and Landlord. In connection with such holdover, Tenant shall pay the event that following charges for the use and occupancy of the Premises for each calendar month or part thereof (even if such part shall be a small fraction of a calendar month), which total sum Tenant agrees to pay to Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, thenpromptly upon demand, in such eventfull, without set-off or deduction: (i) 1/12 of the two Appraisers appointed by the parties highest annual Base Rent set forth in Section 1.8 of this Lease, times one and one-half (1.5); plus (ii) those other items of recurring Additional Rent that would have been payable monthly pursuant to 15.2(a) above shallthis Lease, by agreement, appoint had this Lease not expired or terminated. The aforesaid provisions of this Section 16 shall survive the third Appraiserexpiration or sooner termination of this Lease.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Sublease (Shutterstock, Inc.)
Holding Over. Unless Except for any permitted occupancy by Tenant under Article VIII, if Tenant fails to surrender the Premises at the expiration or earlier terminated in accordance with this Lease or duly extended in accordance with termination of this Lease, occupancy of the Premises after the termination or expiration shall be that of a tenancy at sufferance. Tenant's occupancy of the Premises during the holdover shall be subject to all the terms and provisions of this Lease and Tenant shall terminate pay an amount (on a per month basis without further notice at reduction for partial months during the expiration holdover) equal to 125% of the Lease Termgreater of: (1) the sum of the Base Rent and Additional Rent due for the period immediately preceding the holdover; or (2) the fair market gross rental for the Premises as reasonably determined by Landlord. Any Notwithstanding the foregoing, if such holding over continues for more than 30 days, effective as of the 31st day, holdover rent shall increase to 150% of the greater of: (a) the sum of the Base Rent and Additional Rent due for the period immediately preceding the holdover; or (b) the fair market gross rental for the Premises as reasonably determined by Landlord. No holdover by Tenant or payment by Tenant after the expiration or early termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy extend the Term or prevent Landlord from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) immediate recovery of possession of the higher of one hundred fifty percent (150%) Premises by summary proceedings or otherwise. In addition to the payment of the Base Annual Rent in effect during amounts provided above, if Landlord is unable to deliver possession of the last month prior Premises to such termination a new tenant, or to perform improvements for a new tenant, as a result of Tenant's holdover and Tenant fails to vacate the then current Fair Market Rent. The current Fair Market Rent Premises within 30 days after Landlord notifies Tenant of Landlord's inability to deliver possession, or perform improvements, Tenant shall be determined by agreement between liable to Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rentfor all damages, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the otherincluding, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiserwithout limitation, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided howeverconsequential damages, that if Landlord suffers from the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiserholdover.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless earlier terminated Except as otherwise provided in accordance with this Lease or duly extended in accordance with this Lease, this Lease Tenant shall terminate without further notice at vacate the Property upon the expiration or earlier termination of this Lease. Tenant shall reimburse Landlord for and indemnify Landlord against all damages which Landlord incurs from Tenant's delay in vacating the Lease TermProperty. Any holding over by If Tenant remains in posses▇▇▇▇ ▇f the premises after expiration or earlier termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord Landlord's express written consent, Tenant's occupancy shall be construed to a month-to-month tenancy at a rent agree▇ ▇▇ ▇y Landlord and Tenant, but in no event less than the Base Rent and Additional Rent payable under this Lease during the last full month before the date of expiration or earlier termination of this Lease. The month-to-month tenancy shall be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable of this Lease except that those terms and conditions dealing with the monthly rent shall equal one twelfth (1/12) length of the higher Term and Options to extend. Landlord's acceptance of rent after such holding over with Landlord'▇ ▇▇▇▇▇▇n consent shall not result in any other tenancy or ▇▇ ▇ ▇▇▇ewal of the original term of this Lease. If Tenant remains in possession of the premises after expiration or earlier termination of this Lease without Landlord's consent, Tenant's continued possession shall be on the basis of a tenancy at ▇▇▇▇▇▇ance and Tenant shall pay as rent during the holdover period an amount equal to one hundred fifty twenty five percent (150125%) of the Base Annual Rent in effect during and Additional Rent payable under this Lease for the last full month prior to such termination before the date of expiration or the then current Fair Market Renttermination. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.ARTICLE THREE: BASE RENT Section
Appears in 1 contract
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this Lease, this This Lease shall terminate without further notice at the expiration of on the Lease TermExpiration Date (as set forth in Article 1). Any holding over by Tenant after termination expiration of the Lease Term shall neither constitute a renewal nor extension of this Lease shall not constitute a renewal or extension of the Lease or nor give Tenant any rights in or to the Leased PremisesPremises except as expressly provided in this Paragraph. Any such holding over after such expiration with the to which L▇▇▇▇▇▇▇ has consented in writing (which consent of Landlord may grant or withhold in its sole discretion) shall be construed to be a tenancy from month to month month, on the same terms and conditions herein specified insofar as applicable applicable, except that the monthly rent Base Monthly Rent shall be increased to an amount equal to one twelfth hundred three percent (1/12103%) of the higher Base Monthly Rent payable during the last full month of the Lease Term and there shall be no proration for any partial calendar month of the holdover period. Without limiting the foregoing, in the event of a holding over to which L▇▇▇▇▇▇▇ has consented, any rights of Landlord or obligations of Tenant set forth in this Lease and purporting to apply during the Lease Term, shall nonetheless also be deemed to apply during any such hold over period. Tenant acknowledges that if Tenant holds over without Landlord's consent, such holding over shall be construed to be a tenancy at sufferance, on the same terms and conditions herein specified insofar as applicable, except that the Base Monthly Rent shall be increased to an amount equal to one hundred fifty percent (150%) of the Base Annual Monthly Rent in effect payable during the last full month prior to immediately preceding such termination or the then current Fair Market Rent. The current Fair Market Rent holding over and there shall be determined by agreement between Landlord and Tenant within thirty no proration for any partial calendar month of the holdover period. Therefore, if T▇▇▇▇▇ fails to surrender the Leased Premises upon the expiration or termination of this Lease (30) days following or on or before the expiration of any holdover period to which Landlord has consented in writing) and Landlord has notified Tenant in writing that Landlord has entered into a lease agreement with a successor tenant for the Lease Term. In Leased Premises or any portion thereof or is in active negotiations with a replacement tenant for the absence Leased Premises or any portion thereof (i.e., L▇▇▇▇▇▇▇ having exchanged a letter of intent, term sheet or outline of proposed terms), in addition to any other liabilities to Landlord accruing therefrom, Tenant shall protect, defend, indemnify and hold Landlord harmless from and against all claims resulting from such agreement as to failure, including, without limiting the Fair Market Rentforegoing, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of any claims made by such succeeding tenant founded upon such failure to agree given by one party to the othersurrender, and shall advise the other party any losses suffered by Landlord, including lost profits (in excess of holdover rent paid by T▇▇▇▇▇), resulting from such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultsurrender.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Lease Agreement (EBR Systems, Inc.)
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further Upon written notice at to Landlord given no later than ninety (90) days prior to the expiration of the Lease Term. Any holding , so long as no Default on the part of Tenant then exists under this Lease, Tenant shall have the one-time right to hold over by Tenant after termination of this Lease shall not constitute a renewal or extension in the entire Premises upon each and all of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth set forth in this Lease for up to three (1/123) successive periods of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointmentthe expiration of the initial Term (such thirty (30) day period(s), then Landlord if applicable, being the “Permitted Holdover Period”), it being the intent of the parties that the Permitted Holdover Period shall appoint a third Appraiserin no event exceed ninety (90) days, provided howeverin the aggregate. In consideration of Tenant’s occupancy of the Premises during the Permitted Holdover Period (if applicable), that if Tenant shall pay in advance, the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) 100% of the higher monthly installment of Basic Rent in effect for the Premises (in its entirety) for the last month of the two initial Lease Term (2such amount being the “Permitted Holdover Period Rent”), in addition to, and not in lieu of, all other payments required to be made by Tenant under this Lease. If (A) amounts so determinedLandlord fails to receive the ninety (90) days’ written notice from Tenant described in the first sentence of this Section 15.1 above, and Tenant holds over for any period after the Expiration Date (or earlier termination of the Term), or (B) after the Permitted Holdover Period (if applicable), Tenant holds over for any period after the Expiration Date (or earlier termination of the Term), then in either of such events, possession shall be subject to all of the Base Annual terms of this Lease (including, without limitation, the obligation to pay Tenant’s Share of Operating Expenses), except that the monthly Basic Rent shall be 150% of the total monthly Basic Rent for the month immediately preceding the date of termination for each month of holdover thereafter. The acceptance by Landlord of monthly hold-over rental in a lesser amount shall not constitute a waiver of Landlord’s right to recover the full amount due unless otherwise agreed in writing by Landlord. Subject to the terms and conditions of this Section 15.1 above, if Tenant fails to surrender the Premises within 15 days after the expiration of this Lease despite demand to do so by Landlord, Tenant shall indemnify and hold Landlord harmless from all loss or liability, including without limitation, any claims made by any succeeding tenant relating to such failure to surrender (provided that Landlord shall have delivered written notice to Tenant of the existence of any such succeeding tenant or prospective tenant, and Tenant holds over for a period in question shall be the mean excess of thirty (30) days after Landlord’s delivery of such two amounts, and it shall not be necessary to appoint a third (3rd Appraisernotice). In the event that The foregoing provisions of this Section 15.1 are in addition to and do not affect Landlord’s right of re-entry or any other rights of Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2Lease or at law.
Appears in 1 contract
Sources: Lease (Proofpoint Inc)
Holding Over. Unless In the event Tenant or any Party under Tenant claiming rights to this Lease, retains possession of the Premises after the expiration or earlier terminated termination of this Lease, such possession shall constitute and be construed as a tenancy at will only, subject, however, to all of the terms, provisions, covenants and agreements on the part of Tenant hereunder; such parties shall be subject to immediate eviction and removal and Tenant or any such Party shall pay Landlord as rent for the period of such holdover an amount equal to one and one-half (1-1/2) times the Basic Annual Rent and Additional Rent (as hereinafter defined) in effect immediately preceding expiration or termination, as applicable, prorated on a daily basis. Tenant shall also pay any and all damages sustained by Landlord as a result of such holdover. The rent during such holdover period shall be payable to Landlord from time to time on demand; provided, however, if no demand is made during a particular month, holdover rent accruing during such month shall be paid in accordance with this Lease or duly extended in accordance with this Leasethe provisions of Article 2. In the event of a holdover, this Lease shall terminate without further Tenant will vacate the Premises and deliver same to Landlord immediately upon Tenant's receipt of notice at the expiration of the Lease Termfrom Landlord to so vacate. Any No holding over by Tenant, whether with or without consent of Landlord, shall operate to extend the term of this Lease; no payments of money by Tenant to Landlord after the expiration or earlier termination of this Lease shall not constitute a renewal reinstate, continue or extend the term of this Lease; and no extension of this Lease after the Lease expiration or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord earlier termination thereof shall be construed to be a tenancy from month to month on valid unless and until the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined reduced to writing and signed by agreement between both Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultTenant.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Standard Office Lease Agreement (McAfee Associates Inc)
Holding Over. Unless earlier terminated Tenant may remain in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further notice the Premises for a specified time period (up to [***] days) following the Term expiration (the “Short-Term Permitted Hold-Over Period”) by notifying Landlord of its intention at least [***] prior to the expiration of the Lease Term. Any holding over by Tenant after termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord The Short-Term Permitted Hold-Over Period shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent were in effect during the immediately preceding Term including Base Rent (provided Base Rent will increase by any applicable annual escalator). If such holdover possession exceeds the Short-Term Permitted Hold-Over Period or in the event of any other holdover, subject to Tenant’s rights set forth in the last month two sentences of this Section 20, Tenant shall become a tenant at sufferance at a rate of [***] of monthly Base Rent in effect immediately prior to such termination the holdover possession. During any holdover possession, all of the other terms of this Lease (excluding any expansion or the then current Fair Market Rentsimilar option or right) will be applicable. The current Fair Market monthly Base Rent payable for such holdover period shall in no event be construed as a penalty or as liquidated damages for such retention of possession. Neither any provision hereof nor any acceptance by Landlord of any rent after any such expiration or earlier termination shall be determined by agreement between Landlord and deemed a consent to any holdover hereunder or result in a renewal of this Lease or an extension of the Term, or any waiver of any of Landlord’s rights or remedies with respect to such holdover. All other payments will continue under the terms of this Lease during any period of holdover possession. If Tenant within thirty (30) days has not vacated the Premises following the expiration of the Lease Term. In the absence Term or any Short-Term Permitted Hold-Over Period (as applicable) and Landlord has given Tenant at least ninety (90) days prior written notice that it has an executed lease, then Tenant will be liable to Landlord for consequential damages as a result of such agreement holdover. No holding over by Tenant, whether with or without consent of Landlord, will operate to extend this Lease except as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultotherwise expressly provided herein.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Lease Agreement (SB Energy, Inc.)
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further notice at the expiration of the Lease Term. (a) Any holding over by Tenant after expiration or termination of the term of this Lease without Landlord’s consent shall entitle Landlord to re-enter the Leased Premises as provided in Section 19.01 of this Lease. Furthermore, in the event of any such holding over, Tenant shall be liable to Landlord for all expenses, costs and damages incurred by Landlord by reason of the holding over by ▇▇▇▇▇▇. No holding over by Tenant after the end of the term shall operate to extend the term. In the event of any unauthorized holding over, ▇▇▇▇▇▇ shall indemnify and hold harmless Landlord against all claims for damages by any other tenant to whom Landlord may have leased all or any part of the Leased Premises effective upon the termination of this Lease. Anything in this Section to the contrary notwithstanding, the acceptance of any rent paid by Tenant pursuant to this Section shall not preclude Landlord from commencing and prosecuting a holdover or summary eviction proceeding. Nothing contained in this Section shall (i) imply any right of Tenant to remain in the Leased Premises after the termination of this Lease shall not constitute without the execution of a renewal new lease, (ii) imply any obligation of Landlord to grant a new lease or extension of the Lease (iii) be construed to limit any right or give remedy that Landlord has against Tenant any rights in as a holdover tenant or to the Leased Premisestrespasser. S28 Impossible Kicks/Dolphin Mall/03/21/23 COMMON AREA CHARGE
(b) Any holding over after such the expiration or termination of the term hereof with the consent of Landlord Landlord, shall be construed to be a tenancy from month to month at a monthly minimum rent of not less than one-sixthninth (1/61/9) the annual minimum rent effective for the final Lease Year or partial Lease Year preceding expiration of the term (subject to further adjustment pursuant to the various provisions of this Lease, including, without limitation, Section 2.04), together with an amount estimated by Landlord for the monthly additional charges payable pursuant to this Lease, and shall otherwise be on the same terms and conditions (including, without limitation, payment of percentage rent) as herein specified insofar so far as applicable except that the monthly rent shall equal one twelfth (1/12) applicable, subject to any changes in any of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior foregoing terms or conditions as may be submitted by Landlord to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultTenant.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Lease Agreement (Impossible Kicks Holding Company, Inc.)
Holding Over. Unless earlier terminated If Tenant remains in accordance with this Lease possession after expiration or duly extended in accordance with this Lease, this Lease shall terminate without further notice at the expiration ------------ termination of the Lease TermTerm with or without Landlord's written consent, Tenant shall become a tenant-at-sufferance, and there shall be no renewal of this Lease by operation of law. Any During the period of any such holding over by Tenant after termination over, all provisions of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights be and remain in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable effect except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it rental shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen if Tenant does not give affirmative written notice to Landlord at least twelve (1512) days after notice of failure to agree given by one party months prior to the otherexpiration of the then current Lease Term (the Holdover Term as hereinafter defined is not part of the Lease Term) that Tenant will not renew or extend the Lease Term, then the monthly rental shall be one hundred and shall advise fifty percent (150%) of the other party amount of such appointment. On Rent (including any adjustments as provided herein) payable for the failure last full calendar month of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultLease Term including renewals or extensions.
(b) The two if Tenant does give affirmative written notice to Landlord at least twelve (212) Appraisers appointed in either manner shall then proceed months prior to establish the Base Annual Rent for each month expiration of the then current Lease Term that Tenant will not renew or extend the Lease Term, then Tenant, by written notice to Landlord given no later than nine (9) months prior to the expiration of the then current Lease Term may elect to hold over period. In beyond the event of their inability to agree upon the Base Annual Rent for each month expiration of the hold over Lease Term for the period within thirty specified in such notice (30the "Holdover Term"); provided however that the Holdover Term shall be not more than six (6) days after their appointmentmonths. If Tenant properly makes such election in accordance with the foregoing provisions of this subparagraph (b), then Landlord for months 1 through 3 of the Holdover Term, the monthly rental shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to be one hundred ten percent (10110%) of the higher amount of Rent (including any adjustments as provided herein) payable for the two (2) amounts so determined, then the Base Annual Rent for each last full calendar month of the hold over period in question Lease Term including renewals or extensions and for months 4 through 6 of the Holdover Term, the monthly rental shall be one hundred fifteen percent (115%) of the mean amount of such Rent (including any adjustments as provided herein) payable for the third month of the Holdover Term. After the expiration of the Holdover Term, monthly rental shall be two amounts, hundred percent (200%) of the amount of Rent (including any adjustments as provided herein) payable for the last full calendar month of the Lease Term including renewals and it extensions. The inclusion of the preceding provisions of this Section 29 in this Lease shall not be necessary construed as Landlord's consent for Tenant to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long except as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall controlexpressly set forth in this Section 29.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Lease Agreement (Wells Real Estate Investment Trust Inc)
Holding Over. Unless Tenant shall have no right to hold over beyond the expiration or earlier terminated in accordance with termination of this Lease or duly extended in accordance with this Leasewithout the express written consent of the Landlord, this Lease which consent Tenant shall terminate without further notice at obtain from Landlord no later than sixty (60) days prior to the expiration of the Lease TermLease. Any holding over by Should Tenant or any of its successors in interest continue to holdover the Premises after the termination of this Lease shall not constitute a renewal Lease, whether such termination occurs by lapse of time or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration otherwise, with the express written consent of Landlord Landlord, Tenant shall be construed deemed to be occupying the Premises under a tenancy from month-to-month periodic tenancy, and Tenant shall pay to month on the same terms and conditions herein specified insofar as applicable except that the Landlord monthly rent shall rental equal one twelfth (1/12) of the higher of to one hundred fifty percent (150%) of the monthly rental (including Base Annual Rent in effect during and all other rental amounts) as would be payable if the last Lease had not been terminated or expired, and otherwise be subject to all the covenants and provisions of this Lease insofar as the same are applicable to a month-to-month prior to such termination or the then current Fair Market Rentperiodic tenancy. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within agree that any such periodic tenancy may be terminated by thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after prior written notice of failure to agree given by one either party to the other, and shall advise the other party party. Should Tenant or any of such appointment. On the failure of either party so its successors in interest continue to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over periodthe Premises after the termination of this Lease, whether such termination occurs by lapse of time or otherwise, without the written consent of Landlord, Tenant shall be a Tenant at sufferance, subject to summary eviction as provided by law. In the event of their inability any unauthorized holding over, Tenant shall indemnify the Landlord against all damages sustained by Landlord by reason of such holdover and all claims for damages by any other tenant to agree whom Landlord shall have leased all or any portion of the leased Premises effective upon the Base Annual Rent for each month termination of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiserthis Lease.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this Lease, this This Lease shall terminate without further notice at upon the expiration of the Lease Term. Any , and any holding over by Tenant after termination of this Lease the expiration shall not constitute a renewal or extension of the Lease this Lease, or give Tenant any rights under this Lease, except when in writing signed by both parties. Any period of time following the Expiration Date or earlier termination of this Lease required for Tenant to remove its property or to place the Leased Premises. Any Premises in the condition required pursuant to Section 15.3 (or for Landlord to do so if Tenant fails to do so) shall be deemed a holding over by Tenant. If Tenant holds over for any period after the Expiration Date (or earlier termination) of the Term without the prior written consent of Landlord, such expiration possession shall constitute a tenancy at sufferance only and an Event of Default under this Lease; such holding over with the prior written consent of Landlord shall be construed to be constitute a month-to-month tenancy from month to month commencing on the same first (1st) day following the termination of this Lease and terminating thirty (30) days following delivery of written notice of termination by either Landlord or Tenant to the other. In either of such events, possession shall be subject to all of the terms and conditions herein specified insofar as applicable of this Lease, except that (i) for the first two (2) months of such holdover tenancy, the monthly rent Basic Rent shall equal one twelfth (1/12) of the higher of be one hundred fifty percent (150%) of the Base Annual Basic Rent for the month immediately preceding the date of termination; and (ii) for each month following the period referred to in effect during subsection (i) of this Section, the last month prior to such termination or the then current Fair Market Rent. The current Fair Market monthly Basic Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration greater of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten hundred fifty percent (10150%) of the higher of the two (2) amounts so determined, then the Base Annual Basic Rent for each the month immediately preceding the date of termination; and (b) the hold over period then current scheduled Basic Rent for the most recently leased comparable space in question shall be the mean Project. The acceptance by Landlord of such two amounts, and it monthly holdover rental in a lesser amount shall not be necessary constitute a waiver of Landlord’s right to appoint a third (3rd Appraiser)recover the full amount due for any holdover by Tenant, unless otherwise agreed in writing by Landlord. In the event that Landlord If Tenant fails to appoint a third (3rd) Appraiser within fifteen (15) dayssurrender the Premises upon the expiration of this Lease despite demand to do so by Landlord, thenTenant shall indemnify and hold Landlord harmless from all loss or liability, in such eventincluding without limitation, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent any claims made by an Appraiser appointed pursuant any succeeding tenant relating to 15.2(a) above which is the closest such failure to that surrender. The foregoing provisions of the third Appraiser shall control.
(d) this Section are in addition to and do not affect Landlord’s right of re-entry or any other rights of Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2Lease or at law.
Appears in 1 contract
Sources: Lease (Lsi Logic Corp)
Holding Over. Unless earlier terminated in accordance with this Lease Tenant shall have no right to occupy the Premises or duly extended in accordance with this Lease, this Lease shall terminate without further notice at any portion thereof after the expiration of the Lease Term. Any holding over by Tenant after or termination of this Lease shall not constitute a renewal or extension of Tenant’s right to possession. For each month or portion thereof Tenant retains possession of the Premises, or any portion thereof, after the expiration or termination of this Lease or give Tenant’s right to possession, Tenant any rights in or shall pay Landlord an amount equal to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the last applicable monthly Base Annual Rent in effect during for the first six (6) months of any holdover, and thereafter two hundred percent (200%) of the last month prior to such termination or the then current Fair Market applicable monthly Base Rent. The current Fair Market Holdover rent shall be payable in advance on the first day of each month of such holdover and shall not be prorated for any partial month. Acceptance of said Base Rent shall not constitute a waiver by Landlord of any re-entry or other rights of Landlord provided for under this Lease or by law nor shall it be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration deemed an extension or renewal of the Lease TermTerm without a written election thereof by Landlord. In the absence addition, Tenant shall be liable for all damages, direct and consequential, incurred by Landlord as a result of such agreement as holdover. Notwithstanding the foregoing, if prior to the Fair Market Rentdate of Lease expiration, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice Landlord has delivered a written renewal proposal to Tenant and Tenant and Landlord are negotiating in good faith to renew the Lease Term, then for a period of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointmentexpiration of the Lease, then Landlord Base Rent shall appoint a third Appraiserbe 100% of the last applicable monthly Base Rent, provided provided, however, that if the difference between foregoing shall not obligate Landlord or Tenant to negotiate in good faith or otherwise for a new lease for the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) Premises or renewal of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third AppraiserTerm.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Single Tenant Net Lease (Childrens Place Retail Stores Inc)
Holding Over. Unless If Tenant does not vacate the Premises upon the expiration or earlier terminated in accordance with this Lease or duly extended in accordance with termination of this Lease, this Lease shall terminate without further notice at (a) Tenant will indemnify Landlord against all damages, costs, liabilities and expenses, including reasonable attorneys' fees, which Landlord incurs on account of Tenant's failure to vacate and (b) upon the expiration of the Lease Term. Any holding over by Tenant after or earlier termination of this Lease shall not constitute a renewal or extension of Lease, the Lease or give Tenant any rights in or Base Rent will increase as follows: (i) to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) % of the Base Annual Rent in effect during the last month prior of the Term, for the first two (2) months that Tenant has failed to such vacate the Premises following the expiration or earlier termination or of this Lease, and (b) to 200% of the then current Fair Market Rent. The current Fair Market Base Rent shall be determined by agreement between Landlord and in effect for the last month of the Term from the third month that Tenant within thirty (30) days has failed to vacate the Premises following the expiration of earlier termination of the Lease Termuntil the date that Tenant vacates the Premises, and, in both cases, Tenant's obligation to pay Additional Rent will continue. In Any holdover by Tenant does not constitute an extension of the absence Lease or recognition by Landlord of any right of Tenant to remain in the Premises. Base Rent during such holdover shall be computed on a monthly basis and shall be payable on the first day of such agreement as holdover period and the first day of each calendar month thereafter during such holdover period until the Premises have been vacated. Notwithstanding anything to the Fair Market Rentcontrary in this Lease, it under no circumstances shall Tenant be determined liable for consequential damages hereunder as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice a result of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultany holdover.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless Tenant will not be permitted to hold over possession of the Premises after the expiration or earlier terminated termination of the Term without the express written consent of Landlord, which consent Landlord may withhold in accordance with this Lease its sole and absolute discretion. If Tenant holds over after the expiration or duly extended in accordance with earlier termination of the Term, Landlord may, at its option, treat Tenant as a tenant at sufferance only, and such continued occupancy by Tenant shall be subject to all of the terms, convenants and conditions of this Lease, this Lease shall terminate without further notice at the expiration of the Lease Term. Any holding over by Tenant after termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar so far as applicable applicable, except that the monthly rent Monthly Base Rent for any such holdover period shall be equal one twelfth to the greater of (1/12i) of the higher of one two hundred fifty percent (150200%) of the Monthly Base Annual Rent in effect during the last month under this Lease immediately prior to such termination holdover, or (ii) the then current Fair Market Rentcurrently scheduled rental rate for comparable space in the Building, in either event prorated on a daily basis. Acceptance by Landlord of rent after such expiration or earlier termination will not result in a renewal of this Lease. The current Fair Market Rent shall be determined foregoing provisions of this Paragraph 11 are in addition to and do not affect Landlord's right of re-entry or any rights of Landlord under this Lease or as otherwise provided by agreement between Landlord and law. If Tenant within thirty (30) days following fails to surrender the Premises upon the expiration of this Lease in accordance with the Lease Term. In terms of this Paragraph 11 despite demand to do so by Landlord, Tenant agrees to promptly indemnify, protect, defend and hold Landlord harmless from all claims, damages, judgments, suits, causes of action, losses, liabilities, penalties, fines, expenses and costs (including attorneys' fees and costs), including, without limitation, costs and expenses incurred by Landlord in returning the absence of such agreement as Premises to the Fair Market Rent, condition in which Tenant was to surrender it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of and claims made by any succeeding tenant founded on or resulting from Tenant's failure to agree given by one party to surrender the other, and shall advise Premises. The provisions of this Subparagraph 11(b) will survive the other party expiration or earlier termination of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultthis Lease.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Office Building Lease (Alliance Bancshares California)
Holding Over. Unless earlier terminated Landlord expressly consents in accordance with writing to Tenant's holding over, Tenant shall be only a Tenant at sufferance, whether or not Landlord accepts any Rent from Tenant or any other person while Tenant is holding over without Landlord's written consent If Tenant shall retain possession of the Premises or any portion thereof without Landlord's consent following the expiration of this Lease or duly extended in accordance with this Leasesooner termination for any reason, this Lease then Tenant shall terminate without further notice at pay to Landlord for each day of such retention double the expiration amount of daily rental as of the Lease Termlast month prior to the date or expiration or earlier termination. Any holding over Tenant shall also indemnify, defend, protect and hold Landlord harmless from any loss, liability or cost, including reasonable attorneys' fees, resulting from delay by Tenant after in surrendering the Premises, including, without limitation, any claims made by the succeeding tenant founded on such delay. Acceptance of Rent by Landlord following expiration or earlier termination of this Lease shall not constitute a renewal of this Lease, and nothing contained in this Paragraph 25 shall waive Landlord's right of reentry or extension any other right. Additionally, in the event that upon expiration or earlier termination of this Lease, Tenant has not fulfilled its obligation with respect to repairs and cleanup of the Lease Premises or give any other Tenant any rights obligations as set forth in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointmentthis Lease, then Landlord shall appoint a third Appraiser, provided however, that if have the difference between the amounts respectively determined right to perform any such obligations as it deems necessary at Tenant's sole cost and expense and any time required by the LOT C two (2) Appraisers is not greater than an amount equal Landlord to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question complete such obligations shall be considered a period of holding over and the mean terms of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.225 shall apply. The provisions of this paragraph 25 shall survive any expiration or earlier termination of this Lease.
Appears in 1 contract
Sources: Lease (Penederm Inc)
Holding Over. Unless earlier If Tenant remains in possession of the Premises after the Term expires or is otherwise terminated without executing a new lease but with Landlord’s prior written consent, then unless provided otherwise by Landlord in accordance with such written consent (a) Tenant is deemed to be occupying the Premises as a tenant from month-to-month, subject to all provisions, conditions and obligations of this Lease applicable to a month-to-month tenancy, (b) Basic Rent during the holdover period will equal 125% of the greater of the Basic Rent payable by Tenant in the last year of the Term or duly extended Landlord’s then current basic rent for the Premises according to Landlord’s rental rate schedule for prospective tenants, (c) Tenant will also pay Tenant’s Share of Excess Property Expenses and all other Additional Rent applicable to such holdover period as described in accordance with this Lease, this Lease shall and (d) either Landlord or Tenant may terminate without further notice the month-to-month tenancy at the expiration of the Lease Term. Any holding over by Tenant after termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within time upon thirty (30) days following prior written notice to the expiration other party. If Tenant remains in possession of the Lease Term. In Premises after the absence Term expires or is otherwise terminated without executing a new lease and without Landlord’s prior written consent, then Tenant is deemed to be occupying the Premises without claim of right (but subject to all provisions, conditions and obligations of this Lease) and, in addition to Tenant’s liability for failing to surrender possession of the Premises as provided in Section 16.1 and all other rights and remedies of Landlord related to such agreement as to the Fair Market Rentholding over, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint Tenant will pay Landlord a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent charge for each month day of occupancy after the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than Term in an amount equal to ten percent (10%) 150% of the higher Basic Rent payable by Tenant in the last year of the two Term (2) amounts so determinedon a daily basis), then the Base Annual plus Tenant’s Share of Excess Property Expenses and all other Additional Rent for each month of the hold over applicable to such holdover period as described in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiserthis Lease.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Office Lease Agreement (Fender Musical Instruments Corp)
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this Lease, this This Lease shall terminate without further notice at upon the expiration of the Lease Term. Any , and any holding over by Tenant after termination of this Lease the expiration shall not constitute a renewal or extension of the Lease this Lease, or give Tenant any rights under this Lease, except when in writing signed by both parties. If Tenant holds over for any period after the expiration (or to earlier termination) of the Leased Premises. Any Term without the prior written consent of Landlord, such possession shall constitute a tenancy at sufferance only; such holding over after such expiration with the prior written consent of Landlord shall be construed to be constitute a month-to-month tenancy from month to month commencing on the same terms and conditions herein specified insofar as applicable first (1st) day following the termination of this Lease. In either of such events, possession shall be subject to all of the term of this Lease, except that the monthly rent Basic Rent shall equal one twelfth be the greater of (1/12a) of the higher of one hundred fifty percent (150%) of the Base Annual Basic Rent in effect during for the last month prior to such immediately preceding the date of termination or for the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord initial month of hold over and Tenant within thirty one hundred seventy-five percent (30175%) days following the expiration of the Lease Term. In Basic Rent for the absence month immediately preceding the date of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent termination for each month of the hold over periodthereafter, or (b) the then currently scheduled Basic Rent for comparable space in the Project. In If Tenant fails to surrender the event of their inability to agree Premises upon the Base Annual Rent for each month expiration of this Lease despite demand to do so by Landlord, Tenant shall indemnify and hold Landlord harmless from all loss or liability, including, without limitation, claims made by any succeeding tenant relating to such failure to surrender. Acceptance by Landlord of rent after the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it termination shall not be necessary constitute a consent to appoint a third (3rd Appraiser)holdover or result in a renewal of this Lease. In the event that The foregoing provisions of this Section are in addition to and do not affect Landlord's right of reentry or any other rights of Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2Lease or at law.
Appears in 1 contract
Sources: Industrial Lease (Alsius Corp)
Holding Over. Unless earlier terminated Tenant, at Tenant’s sole discretion, shall have the right to holdover for a period of up to three (3) months under the same terms and conditions of the Lease with a two and one half percent (2.5%) annual increase in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further the Basic Annual Rent; provided that Tenant provides Landlord written notice of its intent to holdover at least twelve (12) months prior to the expiration of the Lease Term. Any holding over by Tenant after termination of this Lease shall Following such three-month initial holdover period (if applicable), or if such three-month period is not constitute a renewal or extension of the Lease or give Tenant applicable, any rights in or to the Leased Premises. Any holding over after such the expiration of the term hereof or of any renewal term with the prior written consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Basic Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as increased to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) 150% of the higher then Basic Annual Rent plus, and in addition to the Basic Annual Rent, all other sums of money as shall become due and payable by Tenant to Landlord under this Lease and on the terms herein specified so far as possible. Such month-to-month tenancy shall be subject to every other term, covenant, and agreement contained in this Lease. Except as permitted with respect to the initial three (3) month period, nothing contained in this Section 17.2 shall be construed as consent by Landlord to any holding over by Tenant, and Landlord expressly reserves the right to require Tenant to surrender possession of the two Leased Premises to Landlord as provided in this Lease upon the expiration or other termination of this Lease. Except to the extent Landlord has delivered to Tenant notice of a termination of a month-to-month holdover and Tenant continues to holdover thereafter, the holdover rental amount set forth in this Section 17.2 will be Landlord’s exclusive monetary right and remedy against Tenant and will be deemed to cover all liabilities, obligations, or charges which may be incurred by Landlord due to a holdover by Tenant. If Landlord has delivered to Tenant notice of a termination of a month-to-month holdover and Tenant continues to holdover thereafter, in addition to any other liabilities to Landlord accruing therefrom, Tenant shall protect, defend, indemnify and hold Landlord harmless from all loss, costs (2including reasonable attorneys’ fees) amounts so determinedand liability resulting from such failure, then including, without limiting the Base Annual Rent for each month generality of the hold over period in question shall be the mean of such two amountsforegoing, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent any claims made by an Appraiser appointed pursuant any succeeding tenant founded upon such failure to 15.2(a) above which is surrender, and, except as and to the closest to that of the third Appraiser shall controlextent otherwise specified in this Lease, any damages, costs or expenses resulting therefrom.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Lease Agreement (Skullcandy, Inc.)
Holding Over. Unless earlier terminated If Tenant provides Landlord with written notice ("HOLDOVER NOTICE") at least thirty (30) days prior to expiration of the Lease Term (or any applicable Extension Term) that Tenant will be holding over in accordance with this Lease or duly extended in accordance with this Leasethe Premises, this Lease Tenant shall terminate without further notice at have the right (and, subject to the grace periods described below, the obligation) to hold over after the expiration of the Lease Term. Any holding over by Tenant Term until the date ("HOLDOVER NOTICE DATE") specified in such Holdover Notice (but not in excess of one hundred PEREGRINE SYSTEMS CORPORATE CENTER [Peregrine Systems] twenty (120) days after termination of this Lease shall not constitute a renewal or extension the expiration of the Lease Term or give Tenant any rights in or to the Leased Premisesapplicable Extension Term). Any holding over after such expiration with the consent of Landlord holdover tenancy (including without limitation, any holdover tenancy pursuant to a Holdover Notice) shall be construed subject to be a tenancy from month to month on the same terms every applicable term, covenant and conditions herein specified insofar as applicable agreement contained herein, except that the monthly rent Base Rent payable by Tenant for the Premises (irrespective of the amount of space Tenant continues to occupy in the Building) shall be escalated to equal one twelfth hundred ten percent (1/12110%) of the higher then current Base Rent and Direct Expenses payments for the entire Premises for the first ninety (90) days of such holdover occupancy and one hundred twenty-five percent (125%) of such amount during the next succeeding ninety (90) days and from and after such one hundred eighty (180) day period, Rent shall equal one hundred fifty percent (150%) of such amount thereafter; provided, however, subject to the Base Annual next sentence of this Article 16, such holdover Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market and Additional Rent shall be determined by agreement between prorated on a per diem basis through and including the date ("ACTUAL SURRENDER DATE") Tenant actually vacates and surrenders the Premises to Landlord in the condition required under this Lease. If Tenant properly delivers the Holdover Notice and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
Actual Surrender Date (a) Each party is earlier than the Holdover Notice Date by forty-five (45) days or less, Tenant's obligation to pay such holdover Rent and Additional Rent shall appoint an Appraiser within terminate on a per diem basis as of the Actual Surrender Date, however if the Actual Surrender Date is earlier than forty-five (45) days prior to the Holdover Notice Date, Tenant's holdover Rent and Additional Rent shall cease as of the date which is forty-five (45) days prior to the Holdover Notice Date, or (b) is later than the Holdover Notice Date, Tenant's obligation to pay holdover Rent and Additional Rent shall cease as of the Actual Surrender Date, provided that Tenant shall have no right to holdover beyond the earlier to occur of fifteen (15) days after notice the Holdover Notice Date or the expiration of failure to agree given by the one party to hundred twenty (120) period specified in the otherfirst sentence of this Article 16 above. By way of example only, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed not as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree limitation upon the Base Annual Rent for each month of foregoing, if the hold over period within thirty Holdover Notice indicates that the Holdover Notice Date is ninety (3090) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) expiration of the higher Lease Term or applicable Extension Term, Tenant shall be permitted to holdover until the date which is one hundred five (105) days after the expiration of the two (2) amounts so determined, then Lease Term or applicable Extension Term and Tenant's obligation to pay holdover Rent and Additional Rent shall be prorated on a per diem basis until the Base Annual Rent for each month later of the hold over period forty-fifth (45th) day after the expiration of the Lease Term or applicable Extension Term or the Actual Surrender Date. Nothing contained in question this Article 16 shall be the mean of such two amountsconstrued as consent by Landlord to any holding over by Tenant (except as expressly provided in this Article 16 above), and it Landlord expressly reserves the right to require Tenant to surrender possession of the Premises to Landlord as provided in this Lease upon the expiration of the Lease Term (or the period specified in clause 16(b) above, as applicable). The provisions of this Article 16 shall not be necessary deemed to appoint limit or constitute a third (3rd Appraiser)waiver of any other rights or remedies of Landlord provided herein or at law. In the event that Landlord If Tenant fails to appoint a third (3rd) Appraiser surrender the Premises within fifteen (15) days, thenthe period specified in this Article 16 above, in addition to any other liabilities to Landlord accruing therefrom, Tenant shall protect, defend, indemnify and hold Landlord harmless from all loss, costs (including reasonable attorneys' fees) and liability resulting from such eventfailure, including, without limiting the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month generality of the hold over period shall be final so long as it is within the limits foregoing, any claims made by any succeeding tenant founded upon such failure to surrender (including such tenant's lost profits) and any lost profits to Landlord resulting therefrom, provided Landlord promptly notified Tenant in writing of any lease or signed letter of intent for all or any portion of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall controlPremises.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Office Lease (Peregrine Systems Inc)
Holding Over. Unless earlier terminated If Tenant remains in accordance possession of all or any part of the Premises after the Term or Tenant’s right to possession ends, Landlord has the option, in its sole discretion, to evict Tenant or treat Tenant as a hold over tenant. If Landlord elects to evict Tenant, Tenant will pay, as liquidated damages for Landlord’s loss of use of the Premises, with respect to each full or partial month in which Tenant retains possession after its right to possession ends, 150% of the monthly Net Rent and 100% of the monthly Additional Rent that was due for the last full calendar month before Tenant’s right to possession ended, plus any additional damages Landlord incurs because it is unable to deliver all or any part of the Premises to a replacement occupant, plus all other damages and remedies to which Landlord is entitled. If Landlord elects to treat Tenant as a hold over tenant, Tenant will be a tenant of the Premises under a new month-to-month tenancy (and not under an extension or renewal of the term of this Lease) on all terms of this Lease except those that do not apply to or duly extended are inconsistent with a month-to-month hold over tenancy, and except that Tenant will pay, in accordance with this Leaseaddition to all other Rent, this Lease shall terminate without further notice at monthly Net Rent in the amount of 150% of the monthly Net Rent and 100% of the monthly Additional Rent that was due for the last full month before Tenant’s right to possession ended. This Section will survive the expiration of the Lease Term. Any holding over by Tenant after Term or the earlier cancellation or termination of this Lease shall or Tenant’s right to Possession. This Section does not constitute a renewal limit or extension of the Lease waive any other rights or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of remedies Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2Lease, at law, or in equity.
Appears in 1 contract
Sources: Lease Agreement (ServiceNow, Inc.)
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this Lease, this This Lease shall terminate without further notice at upon the expiration of the Lease Term. Any , and any holding over by Tenant after termination of this Lease the expiration shall not constitute a renewal or extension of the Lease this Lease, or give Tenant any rights under this Lease, except when in writing signed by both parties. Any period of time following the Expiration Date or earlier termination of this Lease required for Tenant to remove its property or to place the Leased Premises. Any Premises in the condition required pursuant to Section 15.3 (or for Landlord to do so if Tenant fails to do so) shall be deemed a holding over by Tenant. If Tenant holds over for any period after the Expiration Date (or earlier termination) of the Term without the prior written consent of Landlord, such expiration possession shall constitute a tenancy at sufferance only and an Event of Default under this Lease; such holding over with the prior written consent of Landlord shall be construed to be constitute a month-to-month tenancy from month to month commencing on the same first (1st) day following the termination of this Lease and terminating thirty (30) days following delivery of written notice of termination by either Landlord or Tenant to the other. In either of such events, possession shall be subject to all of the terms and conditions herein specified insofar as applicable of this Lease, except that the monthly rent Basic Rent shall equal one twelfth (1/12) of be the higher greater of one hundred fifty percent (150%) of the Base Annual Basic Rent in effect during for the last month prior to such termination immediately preceding the date of termination, or (b) the then current Fair Market Rentcurrently scheduled Basic Rent for comparable (b) the then currently scheduled Basic Rent for comparable space in the Project. The current Fair Market Rent acceptance by Landlord of monthly holdover rental in a lesser amount shall be determined not constitute a waiver of Landlord’s right to recover the full amount due for any holdover by agreement between Landlord and Tenant, unless otherwise agreed in writing by Landlord. If Tenant within thirty (30) days following fails to surrender the Premises upon the expiration of this Lease despite the Lease Term. In the absence of written demand to do so by Landlord, Tenant shall indemnify and hold Landlord harmless from all loss or liability, including without limitation, any claims made by any succeeding tenant relating to such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party surrender. The foregoing provisions of this Section are in addition to the other, and shall advise the do not affect Landlord’s right of re-entry or any other party rights of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2Lease or at law.
Appears in 1 contract
Sources: Lease (Netlist Inc)
Holding Over. Unless earlier terminated If Tenant remains in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further notice at possession of the Premises after the expiration of the Lease Term. Any holding over by Tenant after or earlier termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the express written consent of Landlord Landlord, Tenant's occupancy shall be construed to be a month-to-month tenancy from month to month on at a rent agreed upon by Landlord and Tenant, but in no event less than the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth greater of (1/12i) of the higher of one hundred fifty percent (150%) of the Base Annual Monthly Rent in effect and Additional Rent payable under this Lease during the last full month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following date of the expiration of this Lease or (ii) the Lease Termthen fair market rental (as reasonably determined by Landlord) for the Premises. In Except as provided in the absence of such agreement as to preceding sentence, the Fair Market Rent, it month-to-month tenancy shall be determined as follows:
(a) Each party on the terms and conditions of this Lease, except that any renewal options, expansion options, rights of first refusal, rights of first negotiation or any other rights or options pertaining to additional space in the Building contained in this Lease shall appoint an Appraiser within fifteen (15) days after notice of failure be deemed to agree given by one party to the other, have terminated and shall advise the be inapplicable thereto. Landlord's acceptance of rent after such holding over with Landlord's written consent shall not result in any other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint tenancy or in a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month renewal of the hold over periodoriginal term of this Lease. In the event of their inability to agree upon the Base Annual Rent for each month If Tenant remains in possession of the hold over Premises after the expiration or earlier termination of this Lease without Landlord's consent, Tenant's continued possession shall be on the basis of a tenancy at sufferance and Tenant shall pay as Monthly Rent during the holdover period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten the greater of (i) one hundred fifty percent (10150%) of the higher fair market rental (as reasonably determined by Landlord) for the Premises or (ii) one hundred seventy five percent (175%) of the two (2) amounts so determined, then Monthly Rent and Additional Rent payable under this Lease for the Base Annual Rent for each last full month of prior to the hold over period in question shall be the mean date of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiserexpiration or termination.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Office Lease (Ask Jeeves Inc)
Holding Over. Unless earlier If Tenant possesses the Premises after the Term expires or is otherwise terminated in accordance without executing a new lease but with Landlord’s written consent, Tenant is deemed to be occupying the Premises as a tenant from month-to-month, subject to all provisions, conditions and obligations of this Lease applicable to a month-to-month tenancy, except that (a) Basic Rent will equal the greater of Basic Rent payable by Tenant in the last Lease Year of the Term or duly extended Landlord’s then current basic rent for the Premises according to Landlord’s rental rate schedule for prospective tenants, and (b) either Landlord or Tenant may terminate the month-to-month tenancy at any time upon 30 days prior written notice to the other party. If Tenant possesses the Premises after the Term expires or is otherwise terminated without executing a new lease and without Landlord’s written consent, Tenant is deemed to be occupying the Premises without claim of right (but subject to all terms and conditions of this Lease) and, in accordance with addition to Tenant’s liability for failing to surrender possession of the Premises as provided in Section 16.1, Tenant will pay Landlord a charge for each day of occupancy after expiration of the Term in an amount equal to 150% of Tenant’s then existing Rent. Notwithstanding anything in this Section 16.2 to the contrary, upon twelve (12) months prior written notice (“Tenant’s Holdover Notice”) to Landlord, Tenant will be permitted to remain in possession of the Premises after expiration of the initial Term or any Renewal Term of this Lease (and the Term of the Lease shall be deemed to be so extended), and without the execution of a new lease, subject to all the provisions, conditions, and obligations of this Lease, this Lease shall terminate without further notice at the expiration of the Lease Term. Any holding over by Tenant after termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that (a) the monthly rent shall equal one twelfth (1/12) of the higher of Basic Rent will be escalated to one hundred fifty twenty-five percent (150125%) of the Base Annual Basic Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration Lease Year of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the otherapplicable term, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed the holdover term during which Tenant may remain in either manner shall then proceed to establish the Base Annual Rent for each month possession of the hold over periodPremises will be a term, not to exceed six (6) months, as such term will be stated in Tenant’s Holdover Notice. In the event of their inability to agree upon the Base Annual Rent for each month Time is of the hold over essence with respect to the period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if during which Tenant must deliver Tenant’s Holdover Notice and to the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) term of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third AppraiserTenant’s holdover.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Office Lease Agreement (Royal Caribbean Cruises LTD)
Holding Over. Unless If, with Landlord’s express written consent, Tenant retains possession of the Premises after the termination of the Term, (i) unless otherwise agreed in such written consent, such possession shall be subject to immediate termination by Landlord at any time, (ii) all of the other terms and provisions of this Lease (including, without limitation, the adjustment of Base Rent pursuant to Section 4 hereof) shall remain in full force and effect (excluding any expansion or renewal option or other similar right or option) during such holdover period, (Si) Tenant shall continue to pay Base Rent in the amount payable upon the date of the expiration or earlier terminated in accordance with termination of this Lease or duly extended such other amount as Landlord may indicate, in accordance with Landlord’s sole and absolute discretion, in such written consent, and (iv) all other payments shall continue under the terms of this Lease. If Tenant remains in possession of the Premises after the expiration or earlier termination of the Term without the express written consent of Landlord, (A) Tenant shall become a tenant at sufferance upon the terms of this Lease except that the monthly rental shall terminate be equal to 150% of Base Rent (plus 100% of Operating Expenses) in effect during the last 30 days of the Term, and (B) Tenant shall be responsible for all damages suffered by Landlord resulting from or occasioned by Tenant’s holding over (including, from and after 60 days after the end of the Term, consequential damages if Landlord has advised Tenant in advance of any particular consequential damages that Landlord may incur or suffer as a result of Tenant’s holding over, including, without further notice at limitation, consequential damages that Landlord may incur or suffer by reason of Landlord’s inability to lease the Premises or deliver occupancy to a particular tenant). No holding aver by Tenant, whether with or without consent of Landlord, shall operate to extend this Lease except as otherwise expressly provided, and this Section 8 shall not be construed as consent for Tenant to retain possession of the Premises. Acceptance by Landlord of Rent after the expiration of the Lease Term. Any holding over by Tenant after Term or earlier termination of this Lease shall not constitute result in a renewal or extension reinstatement of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultthis Lease.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Lease Agreement (Genvec Inc)
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further notice at The parties recognize that the damage to Landlord resulting from any failure by Tenant to surrender possession of the Leased Property upon the expiration of the Lease Term. Any holding over by Tenant after or earlier termination of this Lease shall not constitute a renewal or extension will be substantial, will exceed the amount of the Lease or give monthly installments of the base rent payable hereunder, and will be impossible to measure accurately. Tenant any rights in or to therefore agrees that if possession of the Leased Premises. Any holding over after such Property is not surrendered to Landlord upon the expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) or earlier termination of the higher Lease, in addition to any other rights or remedies Landlord may have hereunder or at law, Tenant shall pay to Landlord, as liquidated damages, for each month and for each portion of any month during which Tenant holds over in the Leased Property after the expiration or earlier termination of this Lease, a sum equal to one hundred fifty percent (150%) of the Base Annual Rent in effect base rent and additional rent that was payable under this Lease during the last month of the Term plus any amounts of additional rent otherwise due hereunder (“Holdover Rent”). Nothing herein contained shall be deemed to permit Tenant to retain possession of the Leased Property after the expiration or earlier termination of the Lease. The provisions of this subparagraph shall survive the expiration or earlier termination of this Lease. Tenant=s occupancy subsequent to the expiration or earlier termination of this Lease, whether or not with the consent or acquiescence of Landlord, shall be deemed to be that of a tenancy-at-will and in no event from month-to-month or year-to-year and it shall be subject to all terms, covenants and conditions of this Lease applicable thereto, including, without limitation, those set forth in this subparagraph. In the event the Tenant defaults or remains in possession of the Leased Property or any part thereof after the expiration of the tenancy-at-will created hereby then the Tenant=s occupancy shall be deemed a tenancy-at-sufferance and not a tenancy-at-will. Notwithstanding anything contained herein to the contrary, in the event Tenant provides Landlord with written notice 6 months prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and expiration of the term of the Lease that it cannot vacate the Leased Property on the expiration date of the Lease, Tenant within thirty may remain in possession of the Leased Property for a period of up to six (306) days following months after the expiration of the Lease Term. In the absence of such agreement as subject to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice terms and conditions of failure to agree given by one party this Lease and at a monthly rent equal to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultHoldover Rent.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless Except for any permitted occupancy by Tenant under Article VIII, if Tenant fails to surrender the Premises at the expiration or earlier terminated in accordance with this Lease or duly extended in accordance with termination of this Lease, occupancy of the Premises after the termination or expiration shall be that of a tenancy at sufferance. Tenant’s occupancy of the Premises during the holdover shall be subject to all the terms and provisions of this Lease and Tenant shall terminate pay an amount (on a per month basis without further notice at reduction for partial months during the expiration holdover) equal to 125% of the Lease Termgreater of: (1) the sum of the Base Rent and Additional Rent due for the period immediately preceding the holdover; or (2) the fair market gross rental for the Premises as reasonably determined by Landlord. Any Notwithstanding the foregoing, if such holding over continues for more than 30 days, effective as of the 31st day, holdover rent shall increase to 150% of the greater of (i) the sum of the Base Rent and Additional Rent due for the period immediately preceding such holding over; or (ii) the fair market gross rental for the Premises as reasonably determined by Landlord. No holdover by Tenant or payment by Tenant after the expiration or early termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy extend the Term or prevent Landlord from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) immediate recovery of possession of the higher of one hundred fifty percent (150%) Premises by summary proceedings or otherwise. In addition to the payment of the Base Annual Rent in effect during amounts provided above, if Landlord is unable to deliver possession of the last month prior Premises to such termination a new tenant, or to perform improvements for a new tenant, as a result of Tenant’s holdover and Tenant fails to vacate the then current Fair Market Rent. The current Fair Market Rent Premises within 15 days after Landlord notifies Tenant of Landlord’s inability to deliver possession, or perform improvements, Tenant shall be determined by agreement between liable to Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rentfor all damages, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the otherincluding, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiserwithout limitation, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided howeverconsequential damages, that if Landlord suffers from the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiserholdover.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless earlier terminated Upon written consent from the Landlord, if Tenant remains ------------- in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further notice at the expiration possession of the Lease Term. Any holding over by Tenant Premises after termination expiration of this Lease shall not constitute without executing a renewal new lease, it will be deemed to be occupying the Premises as a tenant from month-to-month (regardless of whether rent is reserved annually or extension monthly hereunder), subject to all the provisions of the this Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall extent that they can be construed applicable to be a tenancy from month-to-month to month on the same terms and conditions herein specified insofar as applicable tenancy, except that the monthly rent shall equal one twelfth minimum rental for each month (1/12the "Monthly Holdover Rental") of the higher of will be one hundred fifty twenty percent (150120%) of the Base Annual Rent Monthly Rental. If without Landlord's written consent Tenant remains in effect possession of the Premises after the expiration of this Lease, (a) Tenant shall pay Landlord the Monthly Holdover Rental for each month (or portion thereof) during such holdover period, and (b) if such possession by Tenant continues for more than thirty (30) days after the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent expiration of this Lease, Tenant shall be determined liable to Landlord for and indemnify Landlord against (i) the loss of the benefit of the bargain if any tenant obtained by agreement between Landlord for all or any part of the Premises (a "New Tenant") shall terminate its lease by reason of the holding over by Tenant, and (ii) any claim for damages by any New Tenant, provided that Landlord gives written notice to Tenant on or after the expiration date for this Lease that Landlord intends to enforce such indemnification if Tenant does not vacate the Premises within thirty (30) days following from the expiration of the Lease Term. In the absence date of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultnotice.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Lease Agreement (Dominos Pizza Government Services Division Inc)
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this Lease, this This Lease shall terminate without further notice at upon the expiration of the Lease Term. Any , and any holding over by Tenant after termination of this Lease the expiration shall not constitute a renewal or extension of the Lease this Lease, or give Tenant any rights under this Lease, except when in writing signed by both parties. Any period of time following the Expiration Date or earlier termination of this Lease required for Tenant to remove its property or to place the Leased Premises. Any Premises in the condition required pursuant to Section 15.3 (or for Landlord to do so if Tenant fails to do so) shall be deemed a holding over by Tenant. If Tenant holds over for any period after the Expiration Date (or earlier termination) of the Term without the prior written consent of Landlord, such expiration possession shall constitute a tenancy at sufferance only and an Event of Default under this Lease; such holding over with the prior written consent of Landlord shall be construed to be constitute a month-to-month tenancy from month to month commencing on the same first (1st) day following the termination of this Lease and terminating thirty (30) days following delivery of written notice of termination by either Landlord or Tenant to the other. In either of such events, possession shall be subject to all of the terms and conditions herein specified insofar as applicable of this Lease, except that for the initial two (2) months of holdover the monthly rent Basic Rent shall equal one twelfth (1/12) of the higher of be one hundred fifty percent (150%) of the Base Annual Basic Rent in effect during for the last month prior to such termination or immediately preceding the then current Fair Market Rent. The current Fair Market date of termination, and thereafter the monthly Basic Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration greater of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten hundred fifty percent (10150%) of the higher of the two (2) amounts so determined, then the Base Annual Basic Rent for each the month immediately preceding the date of termination or (b) the hold over period then currently scheduled Basic Rent for comparable space in question shall be the mean Project. The acceptance by Landlord of such two amounts, and it monthly holdover rental in a lesser amount shall not be necessary constitute a waiver of Landlord's right to appoint a third (3rd Appraiser)recover the full amount due for any holdover by Tenant, unless otherwise agreed in writing by Landlord. In the event that Landlord If Tenant fails to appoint a third (3rd) Appraiser within fifteen (15) dayssurrender the Premises upon the expiration of this Lease despite demand to do so by Landlord, thenTenant shall indemnify and hold Landlord harmless from all loss or liability, in such eventincluding without limitation, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent any claims made by an Appraiser appointed pursuant any succeeding tenant relating to 15.2(a) above which is the closest such failure to that surrender. The foregoing provisions of the third Appraiser shall control.
(d) this Section are in addition to and do not affect Landlord's right of re-entry or any other rights of Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2Lease or at law.
Appears in 1 contract
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this Lease, this Lease (a) If Tenant shall terminate without further notice at not immediately surrender the entire Premises on the date of the expiration or earlier termination of the Lease Term. Any holding over , the Base Rent payable by Tenant after hereunder (which shall be payable with respect to the entire Premises regardless of what portion thereof remains occupied by Tenant) shall be increased to equal the greater of:
(i) fair market rent for the Premises, or (ii) (1) during the first sixty (60) days following the expiration or termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of Term, one hundred fifty percent (150%) of the Base Annual Rent in effect payable hereunder during the last month prior immediately preceding the expiration or termination date (determined without giving effect to such termination or any abatement thereof), and (2) for all periods after the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty first sixty (3060) days following the expiration or termination of the Lease Term, two hundred percent (200%) of the Base Rent payable hereunder during the month immediately preceding the expiration or termination date (determined without giving effect to any abatement thereof) ("Holdover Rent"). In addition to such Holdover Rent, Tenant shall also continue to pay to Landlord all additional rent in the absence amount that was payable hereunder during the month immediately preceding the expiration or termination date or as otherwise determined in accordance with the terms of this Lease. Such Holdover Rent shall be computed by Landlord on a monthly basis and shall be payable by Tenant on the first day of such agreement holdover period and the first day of each calendar month thereafter during such holdover period until the entire Premises shall have been vacated by Tenant and possession thereof returned to Landlord. Landlord's acceptance of such Holdover Rent from Tenant shall not in any manner impair or adversely affect Landlord's other rights and remedies hereunder, including, but not limited to, (i) Landlord's right to evict Tenant from the Premises, and (ii) Landlord's right to recover damages pursuant to this Lease and such other damages as are available to the Fair Market Rent, it Landlord at law or in equity (which damages shall be determined limited as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultprovided below).
(b) Except for Tenant's obligation to pay the aforesaid Holdover Rent and the limitations on such waiver set forth below in this Section 3.2, so long as Tenant does not holdover in the Premises for more than sixty (60) days following the expiration or termination of the Lease Term, Landlord hereby waives its right to collect any damages from Tenant based upon Tenant's failure to timely vacate the Premises. The two foregoing waiver shall in no way affect Tenant's obligation to pay the aforesaid Holdover Rent with respect to such sixty (60) day period, nor shall such waiver in any way affect or impair Landlord's right to pursue and collect (and Tenant's obligation to pay): (1) any damages (other than consequential or punitive damages which Landlord hereby waives), costs, liabilities, costs and expenses suffered or incurred by Landlord as a result of Tenant's failure to timely vacate the Premises if Tenant shall fail within sixty (60) days following the expiration or termination of the Lease Term, to completely vacate the Premises and return possession thereof to Landlord in accordance with the terms of this Lease, or (2) Appraisers appointed any costs or expenses incurred by Landlord related directly to Tenant's failure, upon vacating the Premises to remove any alterations, improvements or other personal property from the same in either manner shall then proceed to establish accordance with the Base Annual Rent for each month terms of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiserthis Lease.
(c) In Subject to Landlord's partial damage waiver set forth above, if Tenant fails to surrender the event a third Appraiser is appointedPremises on the expiration or earlier termination of this Lease with such removal and repair obligations completed, then, in addition to its other obligations under this Section 3.2 and Landlord's rights and remedies under this Section 3.2 and the other provisions of this Lease, Tenant shall indemnify, defend and hold Landlord harmless from and against any and all claims, judgments, suits, causes of action, damages, losses, liabilities and expenses (including reasonable attorneys' fees and court costs) resulting from such Appraiser's determination failure to timely surrender. The foregoing indemnity shall survive the expiration or earlier termination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall controlthis Lease.
(d) To the extent that the aforesaid monthly Holdover Rent paid by Tenant exceeds the greater of: (i) one hundred five percent (105%) of the monthly Base Rent payable hereunder during the last full calendar month immediately preceding the expiration or termination of the Term (without giving effect to any abatement thereof); or (ii) the monthly Fair Market Rent (as defined in Section 15.23) for the Premises, then any such excess shall be credited by Landlord and against any damages recoverable by Landlord from Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2as a result of such holdover.
Appears in 1 contract
Sources: Deed of Lease (Microstrategy Inc)
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further notice at 1.4.1 If the Tenant continues to occupy the Premises after the expiration of the Lease Term. Any holding over by Tenant after Term or any earlier termination of this Lease after obtaining the Landlord's express, written consent thereto,
(2) with the exception of minor punch list items and Tenant approved long lead items that do not materially affect Tenant's use of the Premises for Tenant's intended purpose, and Landlord has tendered possession for Tenant's occupancy. And notwithstanding that such items shall not constitute a renewal or extension delay the Commencement Date and Tenant's obligation to pay Rent.
(3) Tenant shall not be responsible for the removal of the Lease or give Tenant SCIF space and/or associated components.
(a) such occupancy shall (unless the parties hereto otherwise agree in writing) be deemed to be under a month-to-month tenancy, which shall continue until either party hereto notifies the other in writing, by at least thirty (30) days before the end of any rights calendar month, that the notifying party elects to terminate such tenancy at the end of such calendar month, in or which event such tenancy shall so terminate;
(b) anything contained in the foregoing provisions of this Section to the Leased Premises. Any holding over after contrary notwithstanding, the rental payable for each such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent period shall equal one one-twelfth (1/12) of the higher Base Rent and the Additional Rent payable under the provisions of one hundred fifty percent subsection 2.2 (150%calculated in accordance with such provisions of subsection 2.2 as if this Lease had been renewed for a period of twelve (12) full calendar months after such expiration or earlier termination of the Base Annual Rent in effect during the last Term or such renewal); and
(c) such month-to-month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent tenancy shall be determined upon the same terms and subject to the same conditions as those set forth in the provisions of this Lease; provided, that if the Landlord gives the Tenant, by agreement between Landlord and Tenant within at least thirty (30) days following before the expiration end of the Lease Term. In the absence of any calendar month during such agreement as month-to-month tenancy, written notice that such terms and conditions (including any thereof relating to the Fair Market amount or payment of Rent) shall, it shall after such month, be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days modified in any manner specified in such notice, then such tenancy shall, after notice of failure to agree given by one party such month, be upon the said terms and subject to the othersaid conditions, and shall advise the other party of such appointment. On the failure of either party as so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultmodified.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this Lease, this Lease 21.1 In the event that Tenant shall terminate without further notice at not immediately surrender the Premises on the date of the expiration of the Lease Term, Tenant shall become a tenant by the month. Any holding over by During the first sixty (60) days of such holdover period, Tenant after termination of this Lease shall not constitute pay a renewal or extension of the Lease or give Tenant any rights in or rent equal to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty twenty-five percent (150125%) of the Base Annual Rent base rent and all additional rent in effect during the last month prior to of the Lease Term. In the event such termination or holdover period extends beyond sixty (60) days, then the then current Fair Market Rent. The current Fair Market Rent rent shall be determined by agreement between Landlord adjusted, retroactively to the first day of the holdover period, to equal the greater of (i) one hundred ten percent (110%) of fair market rental value for the Premises in its then-existing condition or (ii) one hundred twenty-five percent (125%) of the base rent and Tenant within thirty (30) days all additional rent in effect during the last month of the Lease Term. Said monthly tenancy shall commence on the first day following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market RentAs a monthly tenant, it Tenant shall be determined as follows:
(a) Each party subject to all the terms, conditions, covenants and agreements of this Lease. Tenant shall appoint an Appraiser within fifteen (15) days after notice of failure give to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within Landlord at least thirty (30) days after their appointmentdays' written notice of any intention to vacate the Premises, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question and Tenant shall be entitled to thirty (30) days' written notice to quit the mean of such two amountsPremises, and it unless Tenant is in default hereunder, in which event Tenant shall not be necessary entitled to appoint a third any notice to quit, the usual thirty (3rd Appraiser)30) days' notice to quit being hereby expressly waived. In Notwithstanding the foregoing provisions of this Section 21.1, in the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, Tenant shall hold over after the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month expiration of the hold over period Lease Term, and if Landlord shall be final so long as it is within the limits desire to regain possession of the appraisals established by Premises promptly at the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that expiration of the third Appraiser shall controlLease Term, then at any time prior to Landlord's acceptance of rent from Tenant as a monthly tenant hereunder, Landlord, at its option, may forthwith re-enter and take possession of the Premises by any legal process in force in the Commonwealth of Virginia.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless earlier terminated in accordance with this Lease Except as set forth below, if ▇▇▇▇▇▇ continues to occupy the Premises or duly extended in accordance with this Lease, this Lease shall terminate without further notice at any portion thereof after the expiration of the Lease Term. Any holding over by Tenant after or other termination of this Lease or the termination of Tenant’s right of possession with respect to the Premises, such occupancy shall not constitute be that of a renewal or extension tenancy at sufferance. Tenant shall, throughout the entire holdover period, be subject to all the terms and provisions of this Lease (other than provisions relating to length of the Lease or give Tenant Term) and shall pay for its use and occupancy an amount (on a per month basis without reduction for any rights in or partial months during any such holdover) equal to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal (i) one twelfth hundred percent (1/12100%) of the higher additional Rent due under this Lease for, and allocable to, the holdover period, and (ii) (A) for the first thirty (30) days of the holdover period, one hundred twenty-five percent (125%) of the monthly Base Rent due in the month immediately prior to the expiration or earlier termination of the Term, and (B) after the first thirty (30) days of the holdover period, one hundred fifty percent (150%) of the monthly Base Annual Rent due in effect during the last month immediately prior to such the expiration or earlier termination of the Term (each of the foregoing referred to herein as “Holdover Rent”). Except as set forth below, no holding over by Tenant or the then current Fair Market Rent. The current Fair Market Rent shall be determined payments of money by agreement between Tenant to Landlord and Tenant within thirty (30) days following after the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it Term shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice construed to extend the Term or prevent Landlord from recovery of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month immediate possession of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined Premises by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser)summary proceedings or otherwise. In the event that Landlord fails ▇▇▇▇▇▇ continues to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, occupy the two Appraisers appointed by Premises or any portion thereof after the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointedexpiration or termination of this Lease, such Appraiser's determination of Base Annual Rent for each month of the hold over period occupancy shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord a tenancy at sufferance and Tenant shall divide equally be liable to Landlord for all direct and consequential damages which Landlord may suffer after such initial thirty (30)-day holdover period by reason of any holding over by Tenant. . Tenant shall deliver to Landlord, (i) within ninety (90) days after the charges imposed end of each fiscal year of Tenant, audited financial statements of the Tenant for such fiscal year, and (ii) within forty-five (45) days after the end of each fiscal quarter of Tenant, complete unaudited financial statements of the Tenant (collectively, the “Financial Information”). Notwithstanding the foregoing, to the extent that the Financial Information otherwise required to be provided by Appraisers selected under Tenant to Landlord in accordance with this Paragraph 15.2Section 31 is filed with the Federal Financial Institutions Examination Council in Tenant’s quarterly call reports and is publicly available, Tenant shall not be required to deliver such Financial Information to Landlord. Tenant shall not be required to provide non-public, Confidential, supervisory, customer, competitively sensitive, or regulatory examination information, except to the extent expressly required by Law or agreed by Tenant in writing.
Appears in 1 contract
Sources: Lease Agreement (Trustmark Corp)
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further notice at the expiration If Tenant retains possession of the Lease Term. Any holding over by Tenant after termination of this Lease shall not constitute a renewal Leased Premises or extension of any part thereof for three (3) months or less following the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Termination Date, Landlord shall be construed to be treat Tenant as a tenancy from month to month on the same terms tenant at sufferance and conditions herein specified insofar as applicable except that the Tenant shall pay Landlord monthly rent shall equal one twelfth (1/12) of the higher of to one hundred fifty and twenty-five percent (150125%) of the rate of Monthly Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten hundred percent (10100%) of the higher of Additional Rent for the two (2) amounts so determinedLeased Premises in effect for the month immediately preceding said holding over, then the Base Annual Rent computed on a per month basis, for each month or part thereof (without reduction for any such partial month) that Tenant thus remains in possession ("Initial Holdover Rent"). If Tenant retains possession of the hold over period in question shall be Leased Premises or any part thereof for more than three (3) months after the mean Termination Date, by lapse of such two amountstime or otherwise, Landlord may elect to treat Tenant as a tenant at sufferance, and it Tenant shall pay Landlord monthly rent, beginning on the first day of the fourth month following the Termination Date, at two hundred percent (200%) of the rate of both Monthly Base Rent and Additional Rent for the Leased Premises in effect for the month immediately preceding said holding over, computed on a per month basis, for each month or part thereof (without reduction for any such partial month) that Tenant thus remains in possession and in addition thereto Tenant shall pay Landlord all other amounts due to Landlord under this Lease and all damages, consequential as well as direct, sustained by Landlord by reason of Tenant's retention of possession. The provisions of this Article 19 shall not be necessary deemed to appoint limit or constitute a third (3rd Appraiser). In the event that waiver of any other rights or remedies of Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) daysherein, thenat law, in such event, equity or otherwise and shall survive the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiserexpiration of this Lease.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with this LeaseTenant will, this Lease shall terminate without further notice at the expiration of the Lease Term. Any holding over by Tenant after or termination of this Lease shall not constitute a renewal by lapse of time or extension otherwise, yield up immediate possession to Landlord. If Tenant retains possession of the Lease Premises or give Tenant any rights in or to the Leased Premises. Any holding over part thereof after such expiration with or termination, then Landlord may, at its option, serve written notice upon Tenant that such holding over constitutes any one of (i) creation of a month-to-month tenancy, upon the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except set forth in this Lease, or (ii) creation of a tenancy at sufferance (with the right to lock-out Tenant pursuant to Section 19(C) below), in any case upon the terms and conditions set forth in this Lease; provided, however, that the monthly rent shall Base Rent (or daily Base Rent under (ii)) shall, in addition to all other sums which are to be paid by Tenant hereunder, whether or not as additional Rent, be equal to one twelfth hundred twenty-five percent (1/12125%) of the higher Base Rent being paid monthly to Landlord under this Lease immediately prior to such termination for the first thirty (30) days of Tenant’s holdover, and thereafter at a rate of one hundred fifty percent (150%) % of the Base Annual Rent in effect during the last month being paid monthly to Landlord under this Lease immediately prior to such termination or the then current Fair Market Renttermination. The current Fair Market Such holdover Base Rent shall be determined by agreement between prorated on the basis of a 365-day year for each day Tenant remains in possession. Tenant shall be liable for consequential damages to Landlord for any holdover, provided Landlord gives Tenant written notice (“Holdover Notice”) that Landlord has entered into another lease with an tenant for all or part of the Premises, and Tenant fails to vacate and surrender the Premises within thirty (30) days following the later of (i) the expiration or earlier termination of this Lease and (ii) the date Tenant receives the Holdover Notice. In addition to the foregoing, Tenant shall also pay to Landlord all damages sustained by Landlord resulting from retention of possession by Tenant, including the loss of any proposed subsequent tenant for any portion of the Lease TermPremises. In the absence Upon request of such agreement as to the Fair Market RentTenant, it Landlord shall be determined as follows:
advise Tenant within sixty (a) Each party shall appoint an Appraiser within fifteen (1560) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over periodexpiration or termination date, of any situation or condition which may give rise to consequential damages. In the event The provisions of their inability to agree upon the Base Annual this paragraph shall not constitute a waiver by Landlord of any right of re-entry as herein set forth; nor shall receipt of any Rent for each month or any other act in apparent affirmance of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint tenancy operate as a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) waiver of the higher right to terminate this Lease for a breach of any of the two (2) amounts so determinedterms, then the Base Annual Rent for each month of the hold over period in question shall covenants, or obligations herein on Tenant’s part to be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiserperformed.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless earlier terminated in accordance with this Lease or duly extended in accordance with Should Tenant hold over after the termination of this Lease, this Lease whether such termination occurs by lapse of time or otherwise, Tenant shall terminate without further notice at the expiration become a tenant from day-to-day upon each and all of the Lease Term. Any holding over by Tenant after termination of this Lease terms herein provided as may be applicable to such a tenancy, and any such tenancy shall not constitute a renewal or an extension of the Lease or give this Lease; provided, however, during such period as a tenant from day-to-day, Tenant any rights in or shall pay all Additional Rent therefor, together with Base Rent at a rate equal to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent which was payable for the month immediately preceding the date of termination of this Lease and, in effect during addition, Tenant shall reimburse Landlord for all damages (consequential as well as direct) sustained by Landlord by reason of Tenant’s occupying the last Leased Premises past the termination date. Alternatively, at the election of Landlord and expressed in a written notice to Tenant and not otherwise, such retention of possession past the termination date shall constitute a month-to-month prior tenancy upon each and all of the terms herein provided as may be applicable to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rentmonth-to-month tenancy; provided, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount during such period as a tenant from month-to-month, Tenant shall pay Base Rent at a rate equal to ten one hundred fifty percent (10150%) of the higher Base Rent which was payable for the month immediately preceding the date of the two (2) amounts so determined, then the Base Annual Rent for each month termination of the hold over period in question shall be the mean this Lease. The provisions of such two amounts, and it this Article 8 shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiserexclude nor waive Landlord’s right of re-entry or any other right or remedy hereunder.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Office Lease (Heatwurx, Inc.)
Holding Over. Unless If, with Landlord’s express written consent, Tenant retains possession of the Premises after the termination of the Term, (i) unless otherwise agreed in such written consent, such possession shall be subject to immediate termination by Landlord at any time, (ii) all of the other terms and provisions of this Lease (including, without limitation, the adjustment of Base Rent pursuant to Section 4 hereof) shall remain in full force and effect (excluding any expansion or renewal option or other similar right or option) during such holdover period, (iii) Tenant shall continue to pay Base Rent in the amount payable upon the date of the expiration or earlier terminated in accordance with termination of this Lease or duly extended such other amount as Landlord may indicate, in accordance with Landlord’s sole and absolute discretion, in such written consent, and (iv) all other payments shall continue under the terms of this Lease. If Tenant remains in possession of the Premises after the expiration or earlier termination of the Term without the express written consent of Landlord, (A) Tenant shall become a tenant at sufferance upon the terms of this Lease except that the monthly rental shall terminate be equal to 150% of Base Rent in effect during the last 30 days of the Term, plus Operating Expenses, and (B) Tenant shall be responsible for all damages suffered by Landlord resulting from or occasioned by Tenant’s holding over, including consequential damages; provided, however, that if Tenant delivers a written inquiry to Landlord within 30 days prior to the expiration or earlier termination of the Term, Landlord will notify Tenant whether the potential exists for consequential damages. No holding over by Tenant, whether with or without further notice at consent of Landlord, shall operate to extend this Lease except as otherwise expressly provided, and this Section 8 shall not be construed as consent for Tenant to retain possession of the Premises. Acceptance by Landlord of Rent after the expiration of the Lease Term. Any holding over by Tenant after Term or earlier termination of this Lease shall not constitute result in a renewal or extension reinstatement of the Lease or give Tenant this Lease. Payments of Rent payable pursuant to this Section 8 for any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord fractional calendar month shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultprorated.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless earlier terminated A. Should Tenant provide to Landlord six (6) months prior written notice of its intention to hold over, Tenant shall be entitled to remain in accordance with this Lease or duly extended in accordance with possession of the Premises for a period of sixty (60) days following the end of the term of this Lease, this Lease shall terminate without further notice at the expiration of the Lease Term. Any holding over by Tenant after termination of this Lease shall not constitute a or any renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month thereof, on the same terms and conditions herein specified insofar as applicable except are set forth in this Lease and without liability to Landlord for any damages, consequential or otherwise, resulting from such holdover. Tenant hereby agrees that if it fails to surrender the monthly rent Premises at the end of said sixty (60)-day period, or earlier termination as provided in this Lease, Tenant shall equal one twelfth (1/12) be liable to Landlord for any and all actual damages which Landlord shall suffer by reason thereof, and Tenant shall indemnify Landlord against all claims and demands made by any succeeding tenants against Landlord, founded upon delay by Landlord in delivering possession of the higher Premises to any such succeeding tenant caused by Tenant's holding over beyond such sixty (60)-day period.
B. If Tenant shall be in possession of the Premises after the sixty (60)-day period following termination of this Lease, in the absence of any agreement extending the term hereof, or Landlord's demand to Tenant to sooner vacate the Premises, the tenancy under this Lease shall become one from month to month terminable by either party on thirty (30) days prior written notice, at a monthly Rent equal to one hundred fifty percent (150%) of the Base Annual monthly installment of Rent in effect payable during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Termterm. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally also pay all other charges payable under the charges imposed by Appraisers selected under terms of this Paragraph 15.2Lease, prorated for the period during which Tenant remains in possession. Such tenancy shall also be subject to all other conditions, provisions and obligations of this Lease.
Appears in 1 contract
Holding Over. Unless earlier terminated If Tenant (directly or through any successor-in-interest of Tenant) remains in accordance with this Lease possession of all or duly extended in accordance with this Lease, this Lease shall terminate without further notice at any portion of the Premises after the expiration of the Lease Term. Any holding over by Tenant after or termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the written consent of Landlord Landlord, such continued possession shall be construed to be a tenancy from month to month at one hundred twenty-five percent (125%) of the Monthly Base Rent payable in the last full month prior to such termination or expiration (and shall be increased in accordance with Paragraph 4(b), together with an amount estimated by Landlord for the monthly Additional Charges for Expenses and Taxes payable under this Lease, and shall otherwise be on the same terms and conditions herein specified insofar so far as applicable applicable. If Tenant (directly or through any successor-in-interest of Tenant) remains in possession of all or any portion of the Premises after the expiration or termination of this Lease without the written consent of Landlord, Tenant's continued possession shall be on the basis of a tenancy at the sufferance of Landlord. In such event, Tenant shall continue to comply with or perform all the terms and obligations of Tenant under this Lease, except that the monthly rent Monthly Base Rent during Tenant's holding over shall equal one twelfth (1/12) be the greater of the higher of then-fair market rent for the Premises (as reasonably determined by Landlord) or one hundred fifty percent (150%) of the Monthly Base Annual Rent and Additional Charges for Expenses and Taxes payable in effect during the last full month prior to such the termination or the then current Fair Market Rent. The current Fair Market Rent expiration of this Lease (and shall be determined increased in accordance with Paragraph 4(b)). In addition to Rent, Tenant shall pay Landlord for all damages proximately caused by agreement between Landlord and Tenant within thirty (30) days following the expiration reason of the Lease TermTenant's retention of possession. In the absence of such agreement as Landlord shall use commercially reasonable efforts to the Fair Market Rent, it shall be determined as follows:
notify Tenant if and when (a) Each party shall appoint an Appraiser within fifteen (15) days after notice a new lease, or a letter of failure to agree given by one party to the otherintent for a new lease, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent entered into for any portion of the party in default.
Premises, (b) The two (2) Appraisers appointed a loan application has been submitted by Landlord or a loan commitment issued to Landlord in either manner shall connection with the Premises at a time when Tenant is then proceed holding over or Landlord in its reasonable judgment believes a Tenant holdover is likely prior to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointmentcontemplated loan being fully funded, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
or (c) In a sale contract or letter of intent for a sale of the event Premises to a third Appraiser party has been entered into for the Premises at a time when Tenant is appointedthen holding over or Landlord in its reasonable judgment believes a Tenant holdover is likely prior to the contemplated sale being consummated. Landlord's acceptance of Rent after the termination of this Lease shall not constitute a renewal of this Lease, such Appraiserand nothing contained in this provision shall be deemed to waive Landlord's determination right of Base Annual Rent re-entry or any other right hereunder or at law. Tenant acknowledges that, in Landlord's marketing and re-leasing efforts for each month the Premises, Landlord is relying on Tenant's vacation of the Premises on the Expiration Date. Accordingly, Tenant shall indemnify, defend and hold over period shall be final so long as it is within Landlord harmless from and against all claims, liabilities, losses, costs, expenses and damages arising or resulting directly or indirectly from Tenant's failure to timely surrender the limits Premises, including (i) any loss, cost or damages suffered by any prospective tenant of all or any part of the appraisals established by Premises, and (ii) Landlord's damages as a result of such prospective tenant rescinding or refusing to enter into the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination prospective lease of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that all or any portion of the third Appraiser shall controlPremises by reason of such failure of Tenant to timely surrender the Premises.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless earlier terminated If Tenant retains possession of the Premises after the termination of the Lease Term (or any extension terms thereof), unless otherwise agreed in writing, such possession shall be subject to immediate termination by Landlord at any time, and all of the other terms and provisions of this Lease (excluding any expansion or renewal option or other similar right or option) shall be applicable during such holdover period, except that (a) for the first month Tenant is a holdover Tenant, Tenant shall pay Landlord, upon demand, as Base Rent for such holdover period, an amount equal to 125 percent of the Base Rent in effect on the termination date, and (b) for the second month and any additional month thereafter that Tenant is in holdover, Tenant shall pay Landlord, upon demand, as Base Rent for such holdover period, an amount equal to 150 percent of the Base Rent in effect on the termination date, computed on a monthly basis for each month or part thereof during such holding over. All other payments shall continue under the terms of this Lease. In addition, Tenant shall be liable for all damages incurred by Landlord as a result of such holding over; provided, however, that Landlord provides Tenant with written notice that Landlord is in negotiations with another prospective tenant, and Tenant fails to thereafter surrender the Premises in accordance with this Lease on, or duly extended prior to, the date identified in accordance Landlord’s notice. No holding over by Tenant, whether with or without consent of Landlord, shall operate to extend this Lease except as otherwise expressly provided, and this Paragraph 22 shall not be construed as consent for Tenant to retain possession of the Premises. For purposes of this Paragraph 22, “possession of the Premises” shall continue until, among other things, Tenant has delivered all keys to the Premises to Landlord, Landlord has complete and total dominion and control over the Premises, and Tenant has completely fulfilled all obligations required of it upon termination of the Lease as set forth in this Lease, this Lease shall terminate including, without further notice at limitation, those concerning the expiration condition and repair of the Lease Term. Any holding over by Tenant after termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Lease Agreement (Systemax Inc)
Holding Over. Unless If, with Landlord’s express written consent, Tenant retains possession of the Premises after the termination of the Term, (i) unless otherwise agreed in such written consent, such possession shall be subject to immediate termination by Landlord at any time, (ii) all of the other terms and provisions of this Lease (including, without limitation, the adjustment of Base Rent pursuant to Section 4 hereof) shall remain in full force and effect (excluding any expansion or renewal option or other similar right or option) during such holdover period, (iii) Tenant shall continue to pay Base Rent in the amount payable upon the date of the expiration or earlier terminated in accordance with termination of this Lease or duly extended such other amount as Landlord may indicate, in accordance with Landlord’s sole and absolute discretion, in such written consent, and (iv) all other payments shall continue under the terms of this Lease. If Tenant remains in possession of the Premises after the expiration or earlier termination of the Term without the express written consent of Landlord, (A) Tenant shall become a tenant at sufferance upon the terms of this Lease except that the monthly rental shall be equal to 150% of Base Rent in effect during the last 30 days of the Term, plus Operating Expenses and all other amounts due under this Lease, and (B) Tenant shall be responsible for all damages suffered by Landlord resulting from or occasioned by Tenant’s holding over, including consequential damages; provided, however, that if Tenant delivers a written inquiry to Landlord within 30 days prior to the expiration or earlier termination of the Term, Landlord will notify Tenant whether the potential exists for consequential damages. No holding over by Tenant, whether with or without consent of Landlord, shall operate to extend this Lease except as otherwise expressly provided, and this Section 8 shall terminate without further notice at not be construed as consent for Tenant to retain possession of the Premises. Acceptance by Landlord of Rent after the expiration of the Lease Term. Any holding over by Tenant after Term or earlier termination of this Lease shall not constitute result in a renewal or extension reinstatement of the Lease or give Tenant this Lease. Payments of Rent payable pursuant to this Section 8 for any rights in or to the Leased Premises. Any holding over after such expiration with the consent of Landlord fractional calendar month shall be construed to be a tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Rent in effect during the last month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following the expiration of the Lease Term. In the absence of such agreement as to the Fair Market Rent, it shall be determined as follows:
(a) Each party shall appoint an Appraiser within fifteen (15) days after notice of failure to agree given by one party to the other, and shall advise the other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint a second Appraiser to represent the party in defaultprorated.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month of the hold over period. In the event of their inability to agree upon the Base Annual Rent for each month of the hold over period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten percent (10%) of the higher of the two (2) amounts so determined, then the Base Annual Rent for each month of the hold over period in question shall be the mean of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiser.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Holding Over. Unless earlier terminated If Tenant remains in accordance with this Lease or duly extended in accordance with this Lease, this Lease shall terminate without further notice at possession of the Premises after the expiration of the Lease Term. Any holding over by Tenant after or earlier termination of this Lease shall not constitute a renewal or extension of the Lease or give Tenant any rights in or to the Leased Premises. Any holding over after such expiration with the express written consent of Landlord Landlord, Tenant’s occupancy shall be construed to be a month-to-month tenancy from month to month on the same terms and conditions herein specified insofar as applicable except that the monthly at a rent shall equal one twelfth (1/12) of the higher of one hundred fifty percent (150%) of the Base Annual Monthly Rent in effect and Additional Rent payable under this Lease during the last full month prior to such termination or the then current Fair Market Rent. The current Fair Market Rent shall be determined by agreement between Landlord and Tenant within thirty (30) days following date of the expiration of this Lease for the first three (3) months of any such holding over, and thereafter at a rent of two hundred percent (200%) of the Monthly Rent and Additional Rent payable under this Lease Term. In during the absence of such agreement as last full month prior to the Fair Market Rentdate of the expiration of this Lease. Except as provided in the preceding sentence, it the month-to-month tenancy shall be determined as follows:
(a) Each party on the terms and conditions of this Lease, except that any renewal options, expansion options, rights of first refusal, rights of first negotiation or any other rights or options pertaining to additional space in the Building contained in this Lease shall appoint an Appraiser within fifteen (15) days after notice of failure be deemed to agree given by one party to the other, have terminated and shall advise the be inapplicable thereto. Landlord’s acceptance of rent after such holding over with Landlord’s written consent shall not result in any other party of such appointment. On the failure of either party so to appoint an Appraiser, and to advise the other party of such appointment, the person who has been appointed as Appraiser may appoint tenancy or in a second Appraiser to represent the party in default.
(b) The two (2) Appraisers appointed in either manner shall then proceed to establish the Base Annual Rent for each month renewal of the hold over period. In the event original term of their inability to agree upon the Base Annual Rent for each month this Lease, If Tenant remains in possession of the hold over Premises after the expiration or earlier termination of this Lease without Landlord’s consent, Tenant’s continued possession shall be on the basis of a tenancy at sufferance and Tenant shall pay as Monthly Rent during the holdover period within thirty (30) days after their appointment, then Landlord shall appoint a third Appraiser, provided however, that if the difference between the amounts respectively determined by the LOT C two (2) Appraisers is not greater than an amount equal to ten the greater of (i) one hundred fifty percent (10150%) of the higher fair market rental (as reasonably determined by Landlord) for the Premises or (ii) two hundred percent (200%) of the two (2) amounts so determined, then Monthly Rent and Additional Rent payable under this Lease for the Base Annual Rent for each last full month of prior to the hold over period in question shall be the mean date of such two amounts, and it shall not be necessary to appoint a third (3rd Appraiser). In the event that Landlord fails to appoint a third (3rd) Appraiser within fifteen (15) days, then, in such event, the two Appraisers appointed by the parties pursuant to 15.2(a) above shall, by agreement, appoint the third Appraiserexpiration or termination.
(c) In the event a third Appraiser is appointed, such Appraiser's determination of Base Annual Rent for each month of the hold over period shall be final so long as it is within the limits of the appraisals established by the Appraisers appointed by the parties pursuant to 15.2(a) above. If the third Appraiser's appraisal is not within such limits, the determination of Base Annual Rent made by an Appraiser appointed pursuant to 15.2(a) above which is the closest to that of the third Appraiser shall control.
(d) Landlord and Tenant shall divide equally the charges imposed by Appraisers selected under this Paragraph 15.2.
Appears in 1 contract
Sources: Office Lease (Salt Blockchain Inc.)