Common use of Interim Term Clause in Contracts

Interim Term. The term of the Lease for the 1st Floor Premises shall commence upon the latter to occur of: (a) July 1, 2010, or (b) upon Substantial Completion of the 1st Floor Work (as defined below) (such date the “1st Floor Premises Commencement Date”), and provided that the parties reach an agreement on terms for leasing the 3rd Floor Premises, shall expire five (5) days after Landlord’s notice to Tenant that the tenant improvements for the 3rd Floor Premises have been substantially completed (the “Interim Term”). In the event that the parties do not reach an agreement on terms for leasing of the 3rd Floor Premises within the Exclusive Negotiation Period (as defined below), the Interim Term shall expire and (y) Tenant shall commence paying Basic Annual Rent and Tenant’s Pro Rata Share of Operating Expenses at the then-current rate on the entire 1st Floor Premises (i.e., 5,677 square feet of Rentable Area) effective immediately after the expiration of the Exclusive Negotiation Period, and (z) the term for the 1st Floor Premises shall expire on the Term Expiration Date for the Original Premises, subject to Tenant’s option to extend the Term of the Lease for the entire Premises (including the 1st Floor Premises), as provided in Article 42 of the Lease.