Initial Premises Clause Samples
The "Initial Premises" clause defines the specific spaces or units that are being leased at the start of the lease agreement. It typically lists the address, suite number, or other identifying details of the property that the tenant will occupy from the commencement date. This clause ensures both parties are clear about which premises are included in the lease, preventing disputes over the leased area and establishing the foundation for the tenant's rights and obligations under the agreement.
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Initial Premises. Landlord hereby leases to Tenant office space (collectively, the “Premises”) located on various floors in the 13-story main office building generally designated as “Building I” and in the building generally designated as “Building II”, as well as use of certain designated space in the buildings generally designated as “Building III and Building IV” and/or in any of the other buildings that Landlord owns or leases from time to time that are part of the corporate campus located at ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ (after taking into account the exclusions hereinafter described, collectively the “Corporate Campus”), it being understood that the building generally designated as “Building V”, as well as the parking garage and the real property that is subject to that certain synthetic lease financing arrangement, as set forth on various documents dated on our about June 29, 2004, including the Master Lease Agreement, dated as of June 29, 2004, and the Master Agreement dated as of June 29, 2004, as amended by the First Omnibus Amendment dated as of November 5, 2004, the First Amendment to Master Agreement dated as of September 24, 2004, the Second Omnibus Amendment dated as of February 15, 2005, the Third Omnibus Amendment dated as of December 2, 2005, the Waiver Amendment to Operative Documents dated as of April 2005, and the Fourth Omnibus Amendment dated as of March 16, 2006, all among Tenant, as lessee, SunTrust Equity Funding, LLC, as lessor, certain financial institutions parties thereto, as lenders, and SunTrust Bank, as agent, are hereby specifically excluded from provisions of this Lease (and, for purposes of this Lease, from the definition of “Corporate Campus”). The parties further acknowledge and agree that, initially hereunder, the Premises constitute 86,592 rentable square feet representing approximately 17.90% (“Tenant’s Share”) (including a load fact of 40.76% for common/shared space) of the 483,889 rentable square feet of space at the Corporate Campus, it being understood that the parties anticipate that Tenant’s Share shall fluctuate and change as and when the rentable square feet of space allocated and leased to Tenant hereunder changes.
Initial Premises. Notwithstanding anything to the contrary in the Basic Lease Information Sheet and Exhibit B, Landlord shall have the right (the “Swap Right”), in its sole discretion, to change the location of the Leased Premises from the eleventh (11th) floor of the Building described in the Basic Lease Information Sheet (the “11th Floor Leased Premises”) to be a portion of the thirteenth (13th) floor of the Building containing approximately 8,391 square feet of Net Rentable Area as shown on Exhibit A-2 attached hereto (the “13th Floor Leased Premises”), subject to the following terms and conditions. If Landlord desires to exercise the Swap Right under this Section 10.01, Landlord shall deliver written notice (in the manner set forth in Section 8.06) of such exercise to Tenant on or before January 6, 2016. If Landlord so exercises the Swap Right under this Section 10.01, then:
(a) the Leased Premises originally described in the Basic Lease Information Sheet shall be deemed to have been amended to refer solely to the 13th Floor Leased Premises described in the first sentence of this Section 10.01, and all references therein to the 11th Floor Leased Premises shall be deemed to have been deleted;
(b) solely with respect to the initial Term of this Lease, the Net Rent and Tenant’s Proportionate Share for the 13th Floor Leased Premises shall be calculated as if the Net Rentable Area thereof contained the number of square feet originally set forth in the Basic Lease Information Sheet for the 11th Floor Leased Premises;
(c) with respect to any extension (if any) of the Term beyond the end of the initial Term set forth in the Basic Lease Information Sheet, the Net Rent and Tenant’s Proportionate Share for the 13th Floor Leased Premises shall be calculated based on the Net Rentable Area of the 13th Floor Leased Premises set forth in the first sentence of this Section 10.01;
(d) with respect to the Tenant’s Initial Construction of the 13th Floor Leased Premises under Exhibit B:
(1) Landlord shall, at its sole expense, demolish the existing improvements in the 13th Floor Leased Premises and deliver such space to Tenant in shell condition (equivalent to the currently existing shell condition of the 11th Floor Leased Premises) on or before the date on which Tenant commences the performance of the Tenant’s Initial Construction under Paragraph B.5 of Exhibit B attached hereto,
(2) Landlord shall, at its sole expense, provide new Mecho shades (or equivalent) for the 13th Floor Leased Pre...
Initial Premises. Landlord hereby leases to Tenant and Tenant hereby leases from Landlord the Premises (as defined in Paragraph 7 of the Basic Lease Information) upon and subject to the terms, covenants and conditions herein set forth. Tenant covenants, as a material part of the consideration for this Lease, to keep and perform each and all of said terms, covenants and conditions for which Tenant is responsible and that this Lease is entered into upon the condition of such performance.
Initial Premises. Landlord hereby leases to Tenant and Tenant hereby leases from Landlord the Premises for the Term and upon the terms, covenants and conditions set forth in this Lease. Subject to the provisions of Section 30.15 below, this Lease shall be in full force and effect from the date it is fully executed by both parties. Tenant covenants as a material part of the consideration for this Lease to keep and perform each and all of the terms, covenants and conditions by it to be kept and performed. This Lease is made upon the condition of such performance.
Initial Premises. The Term of the Lease for the Initial Premises (the “Initial Premises Term”) shall be for a period of ten (10) years and ten (10) months, commencing upon the Initial Premises Commencement Date (as defined below) and expiring on the date (the “Lease Expiration Date”) that is ten (10) years and ten (10) months after the Initial Premises Commencement Date (unless extended pursuant to the terms of the Lease Extension Addendum attached hereto as Exhibit F).
Initial Premises. The Lease Commencement Date for the Initial Premises (the “Initial Premises Commencement Date”) shall be the date that is the earlier of (i) the date Tenant, or any person occupying any portion of the Premises with Tenant’s permission, commences business operations in the Premises, and (ii) the date that is ninety (90) days after the date that Landlord delivers possession of the Initial Premises to Tenant.
Initial Premises. Section 1.1(S) of the Lease is hereby deleted and is replaced with the following:
Initial Premises. 15.0595% (which has been calculated by dividing the rentable square footage of the Initial Premises by the “Building RSF,” as that term is defined in Section 1.2 of this Lease). The foregoing Tenant’s Share does not contemplate any Initial Premises Basement Premises is included in the Initial Premises. Accordingly, in the event that Tenant shall elect to include any Initial Premises Basement Premises in the Initial Premises pursuant to the terms of Section 2.2.2 of this Summary, ▇▇▇▇▇▇’s Share for the Initial Premises shall be increased to reflect such additional rentable square footage.
Initial Premises. The earlier to occur of (i) the date upon which ▇▇▇▇▇▇ first commences to conduct business in any portion of the Initial Premises, and (ii) November 1, 2019 (the “Outside Initial Premises Lease Commencement Date”). For each day after April 1, 2019 that the date of delivery of the entire Initial Premises to Tenant in the “Delivery Condition,” as that term is defined in Section 1.3 of the Tenant Work Letter attached hereto as Exhibit B (the “Tenant Work Letter”), occurs, the Outside Initial Premises Lease Commencement Date shall be extended by one (1) day.
Initial Premises. Notwithstanding anything in this Lease to the contrary, so long as there exists no monetary or material non-monetary Event of Default, Tenant shall not be obligated to pay any Base Rent attributable to the Initial Premises for the first eight (8) months after the Lease Commencement Date applicable to the Initial Premises (such period, the “Initial Premises Rent Abatement Period”, and the total amount of such credit to be referred to herein as the “Total Initial Premises Rent Abatement Amount”). At Tenant’s option, prior to the application of the foregoing credit against monthly Base Rent, Tenant shall have the right, upon notice to Landlord, to utilize any unapplied portion of the Total Initial Premises Rent Abatement Amount for payment of the “Over-Allowance Amount,” as that term is defined in Section 4.2.1 of the Tenant Work Letter, due for the Tenant Improvements associated with the Initial Premises. Any portion of the Total initial Premises Rent Abatement Amount utilized for the payment of the Over-Allowance Amount as permitted herein shall not be provided as a credit against monthly Base Rent. Further, in no event shall Landlord, pursuant to the terms of this Section 3.2.1, provide an aggregate amount in excess of the Total Initial Premises Rent Abatement Amount for application to monthly Base Rent due for the Initial Premises and for payment of the Over-Allowance Amount associated with the Initial Premises.