Common use of Office Sharing Clause in Contracts

Office Sharing. Notwithstanding anything in this Lease to the contrary, without being subject to Landlord’s rights and Tenant’s obligations set forth in this Article 14, and without requiring Landlord’s consent, Tenant may permit Office Sharing (as hereinafter defined) by Affiliates, Clients and Business Partners (as hereinafter defined) of Tenant, without the same constituting a Transfer, an assignment or subletting within the meaning of this Article 14 provided that the total space licensed under Office Sharing shall not exceed 25% of the Premises. The term “Affiliate” means any entity Controlling, Controlled by or under common Control with Tenant; and “Control” (and with correlative meaning, “Controlled by”) means ownership of not less than 50% of all of the beneficial ownership interests of any business entity, and/or the power to direct or cause the direction of the management and policy of such business entity. The term “Clients and Business Partners” shall mean persons or entities who are occupying or using portions of the Demised Premises and are either (a) performing services for Tenant as subcontractors under Tenant’s contracts, (b) personnel employed by persons or entities for whom ▇▇▇▇▇▇ is performing services on a contractual basis, or (c) personnel employed by persons or entities with whom ▇▇▇▇▇▇ is engaged in a joint venture or joint teaming effort. The term “Office Sharing” shall mean the use of portions of the Demised Premises by Affiliates and/or Clients and Business Partners, if, with respect to such Clients and Business Partners, such use is in connection with the services being provided to Tenant by the applicable Clients and Business Partners, the services being provided to the applicable Clients and Business Partners by Tenant, or the services being jointly provided by Tenant and the applicable Clients and Business Partners. No Office Sharing arrangement shall release Tenant from its obligations hereunder.

Appears in 1 contract

Sources: Lease (Tempest Therapeutics, Inc.)

Office Sharing. Notwithstanding anything in this Lease to the contrarycontrary set forth herein, without being subject to Landlord’s rights and Tenant’s obligations set forth in this Article 14, and without requiring Landlord’s 's consent, Tenant may permit Office Sharing (as hereinafter defined) by Affiliates, affiliates of Tenant and Clients and Business Partners (as hereinafter defined) of Tenant), without the same constituting a Transfer, an assignment or subletting Transfer within the meaning of this Article 14 provided that the total space licensed under Office Sharing shall not exceed 25% of the PremisesSection 14. The term “Affiliate” means any entity Controlling, Controlled by or under common Control with Tenant; and “Control” (and with correlative meaning, “Controlled by”) means ownership of not less than 50% of all of the beneficial ownership interests of any business entity, and/or the power to direct or cause the direction of the management and policy of such business entity. The term “"Clients and Business Partners" shall mean persons or entities who are occupying or using portions of the Demised Premises and are either (a) performing services for Tenant Tenant, including, without limitation, as subcontractors under Tenant’s contractssubcontractors, advisors, or consultants, (b) personnel employed by persons or entities for whom ▇▇▇▇▇▇ Tenant is performing services on a contractual basisservices, or (c) personnel employed by persons or entities with whom ▇▇▇▇▇▇ Tenant is engaged in a joint venture or joint teaming effortteaming. The term "Office Sharing" shall mean the use of portions of the Demised Premises by Affiliates affiliates of Tenant and/or Clients and Business Partners, ifwhich portions shall in the aggregate not exceed fifteen (15%) of the rentable area of the Premises (the "Maximum Office Sharing Threshold"), and, with respect to such affiliates of Tenant and Clients and Business Partners, such use is in connection with the services being provided to Tenant by the applicable Clients and Business Partners, the services being provided to the applicable affiliates of Tenant and Clients and Business Partners by Tenant, or the services being jointly provided by Tenant and the applicable Clients and Business Partners. No For purposes of this Lease, the acts or omissions of Clients and Business Partners and employees or other personnel of affiliates of Tenant and Clients and Business Partners shall be deemed to be the acts or omissions (as applicable) of Tenant and/or Tenant's employees, and Tenant shall remain directly liable and primarily responsible for its obligations for the entirety of the Premises in accordance with the existing terms and provisions of this Lease. In no event shall the use or occupancy of any portion of the Premises by any affiliates of Tenant or Clients and Business Partners create or be deemed to create any right, title or interest of such party in any portion of the Premises or this Lease (other than that as a licensee). All Office Sharing arrangement hereunder shall release terminate automatically upon the expiration or early termination of this Lease. Upon request from Landlord, Tenant from its obligations hereundershall provide to Landlord promptly after request a written list of the names and contact information of all Clients and Business Partners then being allowed access to the Premises by Tenant or which will be allowed access to the Premises in the future (for which ▇▇▇▇▇▇ is then aware of such access). Any equipment or other property of a Permitted Occupant in the Project shall be subject to the applicable provisions of this Lease related to personal property taxes and surrender of Premises.

Appears in 1 contract

Sources: Lease (SITIME Corp)