Common use of Must Take Premises Clause in Contracts

Must Take Premises. In lieu of the Notice of Delivery and Lease Term Dates contemplated in Section 2.1 and Exhibit C of the Lease, Landlord and Tenant hereby confirm the following with respect to the Must-Take Premises. 14.1. The Must-Take Delivery Date occurred on August 1, 2017. 14.2. The Must-Take Premises Commencement Date shall be one hundred and twenty (120) days after the Must-Take Delivery Date, which is December 1, 2017. 14.3. The Lease Expiration Date for the Must-Take Premises shall be August 31, 2025. 14.4. Provided that Tenant is not then in Default under the Lease, Tenant shall not be obligated to pay Base Rent for the Must-Take Premises for the first four full calendar months following the Must-Take Premises Commencement Date, which is the period from December 1, 2017 through and including March 31, 2018. In addition, provided that Tenant is not then in Default under the Lease, Tenant shall not be obligated to pay Base Rent on the Existing Premises for the month of September 2018.

Appears in 2 contracts

Sources: Office Lease (Lyft, Inc.), Office Lease (Lyft, Inc.)